The Money Expert: #1 Formula to Get RICH Off Your Normal Salary (It’s EASY!)

Full Transcript

https://www.youtube.com/watch?v=tE6CwaBxuN4

[00:00] If you don't understand money, you're never going to make more of it because understanding money is like speaking a language.
[00:05] How are you going to speak to somebody in Spanish and communicate and win at that relationship if you guys don't speak the same language?
[00:11] So, I want people to speak the language of money.
[00:13] Let me tell you like one way to know if you're financially literate today.
[00:15] Do you really understand the difference between debit and credit cards and why you should really never be using debit cards?
[00:23] The number one health and wellness podcast, J Shetty.
[00:25] J Shetty, the one, the only J. Sh.
[00:31] We read articles, we see the news, we see headlines, and we assume that now is not a great time to make money.
[00:39] And we keep saying things like when the market's better when the market shifts.
[00:46] It's a terrible time to buy property.
[00:48] It's a terrible time.
[00:50] And the funny thing is that rhetoric just continues.
[00:53] So what should people think about right now when it comes to money?
[00:57] Yeah.
[00:59] Well, first I think you got to be honest about
[01:01] first I think you got to be honest about the fact that it's hard out there and the fact that it's hard out there and that it's real.
[01:04] Like all the things that you're feeling about money and finance right now are real.
[01:07] Wages have been the same really since, you know, you and I were born.
[01:13] It hasn't really increased.
[01:13] Yeah.
[01:15] I mean, you know, if you go back and you go to, let's say, back to Dave Ramsey's days, who is a friend and I and I think highly of, but if you go back to Dave Ramsey, when Dave was working, he would tell you today that you should buy a house.
[01:26] That's the number one thing that you should do.
[01:27] You should own a house.
[01:29] you should own your property.
[01:30] Well, the problem with that today is that our wages have increased 2x in his lifetime, but housing prices, well, they've increased by 9x in his lifetime.
[01:42] And so, we we you cannot really afford the same things that the previous generation thought of as totally normal.
[01:49] And so, their construct might not work for our generation.
[01:51] So, one, I think it's important to realize that it is hard out there.
[01:56] Second though is I think we got to go back to what Warren Buffett says which is be fearful when others are greedy and greedy when others are
[02:01] greedy and greedy when others are fearful.
[02:03] And it's really hard to do. It hurts in our gut.
[02:06] But today all around us things are starting to go on sale.
[02:08] And what we have to try to do is figure out during this time period, how can I start to get a little piece of it?
[02:13] Housing prices in Austin are down 30%.
[02:15] Uh this is really just since I bought a house a year ago.
[02:19] And so there is actually sales happening all around us and I think we got to be prepared for it.
[02:23] But before we can buy things, we got to have enough money to do it.
[02:25] And we got to we got to kind of know a little bit about money in order to make more of it.
[02:28] So I think we should talk about too, yes, it's hard right now.
[02:32] Yes, things are in sale.
[02:34] You are not crazy, but you can make money in any market.
[02:36] And one of my favorite quotes from Baron Rothschild, one of the richest guys in the world, you know, creator of industry in the US, is buy when there's blood on the streets, even and especially when the blood is your own.
[02:48] And so that is a hard visual way to realize that actually real money is made when the market feels tough.
[02:57] Yeah.
[02:59] So actually right now even though the market is tough, we shouldn't be discouraged and waiting for the market
[03:02] discouraged and waiting for the market to be good.
[03:04] This should be the time that we actually double down and listen to your advice.
[03:07] your advice.
[03:07] Yeah. I mean think about I was looking at an NFT yesterday that was sold for $60 million in the height of the NFT land.
[03:13] It is worth $19,000 today.
[03:17] 60 million to 19,000.
[03:20] It felt good during that time, didn't it?
[03:21] Everybody was like, "We're making money.
[03:23] We've got all this extra stuff."
[03:25] But what actually happened is we bought things at overpriced assets and now we're left with assets that are underpriced.
[03:31] The opposite happens in this market.
[03:33] And so, right now is the time, I think, to put up your little Spidey sense and start saying, "Well, everybody else is panicking.
[03:37] Where can I start to make some smart moves?"
[03:39] Because there's always money and opportunities, but definitely you want to buy when things are on sale.
[03:46] Should people even be dreaming or thinking about wanting to own a home anymore?
[03:49] I think that owning a home as an investment right now today is mathematically not a smart decision.
[03:56] For the first time in my lifetime, the numbers say that homes today, well, you have an interest rate of 5 to 8%.
[04:01] You
[04:03] have an interest rate of 5 to 8%.
[04:05] You have a 3 million home shortage in the US.
[04:08] You have flat wages and you have this increase of home prices.
[04:10] The math just isn't math in.
[04:12] And so today, I don't think you should feel like you're not an adult.
[04:14] You don't live the American dream.
[04:16] You're a failure if you don't buy a house.
[04:18] You might actually just be really financially intelligent.
[04:20] Rent and go negotiate your rent prices right now, by the way, because there's a lot of excess in the market.
[04:24] They want to keep you.
[04:26] And you might actually be making an incredibly smart financial decision.
[04:28] And so don't let people make you feel bad if you're not doing what the American dream adult thing used to be.
[04:31] The market's changed.
[04:32] Yeah.
[04:34] You've already shared some really powerful advice for right now.
[04:36] Like even the idea that now's a great time to go and negotiate your rent.
[04:38] Now's a great time to go and think about finding places to potentially purchase property if you are.
[04:39] Yep.
[04:41] What should be people thinking about doing right now when it comes to making money that you couldn't have been doing a year ago that's very different now?
[04:43] Yeah, it's a great question.
[04:45] Well, first what I would think about today is I
[05:04] what I would think about today is I think you got to first understand some like baseline financial literacy.
[05:09] And you and I were talking about this.
[05:10] You know, they say the the average American reads at a sixth grade reading level.
[05:13] They say the average American actually understands finances at about a high school level.
[05:20] So, we're taught, and you remember this, in high school, we're taught all the way up to like budgeting.
[05:23] Like back in our day, probably the kids don't do it this way anymore, but you used to have checkbooks, right?
[05:27] Now, everybody knows how old I was.
[05:29] And you have to like balance your checkbook.
[05:30] And how do you do that?
[05:31] A little ledger.
[05:33] That's actually where we're capped.
[05:35] And so I think first what I want people to do is realize that if you don't understand money, you're never going to make more of it because understanding money is like speaking a language.
[05:42] How are you going to speak to somebody in Spanish and communicate and win at that relationship if you guys don't speak the same language?
[05:47] It's very hard, right?
[05:49] So I want people to speak the language of money.
[05:51] So I think about this in like small ways.
[05:52] Let me tell you like one way to know if you're financially literate today.
[05:56] One way might be, do you really understand the difference between debit and credit cards and why you should really never be using debit cards?
[06:05] Really never be using debit cards?
[06:06] Everybody talks these days about how credit cards are bad, right?
[06:08] Well, credit cards are bad if you don't pay off your payment every single month, if you allow big interest rates to stockpile, and if you use it as a I want things as opposed to I need things, credit cards are bad.
[06:20] But debit cards are actually worse.
[06:22] They don't allow you to build credit.
[06:25] And credit, good credit in this country is the underpinning of wealth.
[06:27] Debit cards do not allow that.
[06:30] They also don't give you any points or perks or cash back.
[06:34] And then you're less protected actually with a debit card.
[06:36] So if somebody steals your debit card and goes and charges things, the bank goes, I don't know, that's your money.
[06:41] Don't really care.
[06:43] If you go and you charge a bunch of things on your credit card and there's fraud, what do you do?
[06:46] Two clicks, they erase it, right?
[06:48] They ship you a new card.
[06:50] And so I think this generation was so tormented by credit is bad, debt is bad, don't have it.
[06:56] Well, the people who are the richest in the world, they all have some debt, just good debt as opposed to bad debt.
[07:02] So where I want you guys to start is actually before you even think of making more money, let's understand the
[07:06] More money, let's understand the language of money, right?
[07:07] Language of money, right?
[07:08] I'm so glad we're starting there.
[07:08] It's brilliant.
[07:10] And I had personal experience of this.
[07:12] So I grew up in London where it's not the same setup.
[07:14] Similar, but it's not exactly the same.
[07:16] The the whole structure is not based on credit as strongly.
[07:17] Mhm.
[07:19] And I was trained to believe you only use a debit card.
[07:21] And so I used that my whole life.
[07:23] When I came to the US and I moved here for the first year I lived here, I only lived and I didn't have a lot of money.
[07:27] So I was living just on a debit card.
[07:30] And then when I wanted to finally get a car, I was thinking about, you know, having an apartment, whatever it was, I couldn't get anything cuz I had no credit score.
[07:39] My credit score was like non-existent.
[07:42] And it hit me like a ton of bricks because I couldn't believe it that I'd finally done good with my life, but I couldn't actually exercise any of it.
[07:46] So, walk me through the myths about credit cards and debit cards that people can solve right now.
[07:55] Is there a special credit card they should be getting?
[07:58] Is there one that's better?
[08:00] What should they be looking out for?
[08:02] What does APR mean?
[08:04] You know, walk me
[08:08] What does APR mean?
[08:08] you know, walk me through the hidden things behind credit cards that we all feel stupid about when you see an ad and you're like, I have no idea what that means.
[08:14] Yeah, it's so true.
[08:14] You know, I had an employee, actually, Christian, who's in from the UK, too, and we were ridiculing him mercely, actually, because he only had a debit card to pay for things, and I didn't even know that the UK was completely different.
[08:27] No, there's there are credit cards, but it's not it's not.
[08:29] He said, "It's not normal."
[08:29] I was like, "You're a 28-year-old man. You don't have a credit card."
[08:33] And he was like, "You are you need to travel more, Cody."
[08:34] And I was like, "Sorry."
[08:34] But um then we got him a credit card so he could start establishing credit here.
[08:39] But moral of the story is here's I think the couple first steps to financial freedom.
[08:44] You know, if you want to set up your kid for success, you actually want them to get a credit card really early.
[08:49] Doesn't so much matter what type of credit card.
[08:49] I'm not like the points guy where I like to operationalize and optimize every aspect of a credit card.
[08:57] I think that is almost more work than trying to make more money.
[08:58] But I think if you go from any of the major banks, there are a lot of rules around credit cards.
[09:04] So, they're really not allowed to mess with you so much on interest rates.
[09:07] There's a lot of protections for consumers.
[09:07] So,
[09:08] lot of protections for consumers.
[09:10] So, don't stress too much about which one.
[09:10] Which one seems like it has some nice perks for you and you can get the most amount of money that you need.
[09:15] Cool.
[09:15] So, that's step one.
[09:17] And if you can do that for your kids when they're in high school, they will actually have more access to the first pillar I think of wealth, which is resources.
[09:26] We all know what's what's the saying?
[09:27] Takes money to make money, right?
[09:30] And so if you come from nothing, well, you can start actually building up your resource pile just from your credit, which you can start at a young age.
[09:37] You don't need to be rich to do that.
[09:39] And then after resources, you pile on knowledge, right?
[09:43] The rich pass on how to invest.
[09:44] We need to start doing that to our next generation.
[09:46] Then you pass on wealth accumulation.
[09:48] That's where you start to to pile on your own money.
[09:49] And then finally, you pass on, you know, the ability to invest to continue to move cyclally your money around and make it work for you.
[09:56] But that's where I would start.
[09:57] It's like you start with a credit card.
[09:59] you have a debit card really just because you want to get cash out sometimes if you're going to the club and buying drinks or whatever people do these days that are cooler than me and that's where I would start and then I would move to this next level of okay if
[10:09] would move to this next level of okay if I have some credit now we need to focus on earning so how do I make more money.
[10:15] and uh but I think most people skip that first step because credit is scary and.
[10:19] first step because credit is scary and like listen Charlie Mer uh Warren Buffett's partner obviously very famous dude but he has a line I love which is um men only go broke by three things and it's whiskey, women, and leverage and leverage means debt, right?
[10:33] Warren Buffett gave him a little adage to it at the end and he goes, "I think actually what my friend meant to say was it's really just the last one. It's really just leverage."
[10:42] And Warren Buffett, one of the richest guys in the world, said he doesn't like debt.
[10:45] But here's the problem, Jay.
[10:46] He's highly levered.
[10:49] He has a massive amount of debt.
[10:51] Why? because he has debt on assets and other people's things as opposed to personal guarantees on his own.
[10:56] He's not mortgaging his house to buy these companies.
[11:00] He is raising debt on a company in order for it to make more money.
[11:05] And so if you don't understand all that right now, that's where I want you to dive in a little bit more.
[11:09] Maybe
[11:10] you to dive in a little bit more.
[11:12] Maybe you can start with a debit and a credit card.
[11:12] card.
[11:12] Yeah.
[11:14] No, I I think it's so important to understand debt.
[11:16] And you see that when you see a celebrity buy a new home and you realize they borrowed to buy that home, they didn't buy it in cash even though they have the cash and it's available to them.
[11:27] And I think that idea is so foreign.
[11:29] There's a hustle culture that happens about hard work will equal wealth.
[11:34] And that is actually not true at all.
[11:34] Just work harder.
[11:36] What's your work ethic?
[11:38] That's not true anymore, especially in the age of AI because everybody will be able to do a midlevel execution.
[11:45] Very few people will be able to stand out amongst the noise.
[11:47] And we're already seeing this 47% increase in creators just this year online.
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[12:33] chase.comsapphire reserve. So if someone's thinking about
[12:34] reserve. So if someone's thinking about starting a business right now or wants
[12:36] starting a business right now or wants to grow a business and the number one
[12:38] to grow a business and the number one thing you hear is, "Well, I don't have
[12:39] thing you hear is, "Well, I don't have any money. I don't know how to fund it."
[12:41] any money. I don't know how to fund it." How much do you actually need to start a
[12:44] business? I think you never suffer from
[12:45] business? I think you never suffer from a lack of money.
[12:47] a lack of money. You suffer from a lack of knowledge on how to get money.
[12:49] of knowledge on how to get money. The richest people in the world, they never
[12:51] richest people in the world, they never use their own money entirely to buy
[12:53] use their own money entirely to buy things. And if you can like sit on that
[12:54] things. And if you can like sit on that for a second and let that sit in, then I
[12:57] for a second and let that sit in, then I think you can really open up your eyes
[12:59] think you can really open up your eyes to the fact that all around you there
[13:01] to the fact that all around you there are deals right now and there is money
[13:03] are deals right now and there is money that is waiting for the actually rarest
[13:05] that is waiting for the actually rarest of things, which is a human who wants to
[13:07] of things, which is a human who wants to work really hard and has a good idea
[13:09] work really hard and has a good idea where to put the money. And so you
[13:11] where to put the money. And so you actually don't need money to start a
[13:12] actually don't need money to start a business.
[13:14] I don't think you need it at all.
[13:16] What you need is some access to it.
[13:18] And so, you know, next week I'm going to the SBA, the Small Business.
[13:19] Administration, and they just ran out.
[13:22] all of these new programs for new business owners, where they will one do.
[13:24] grants where they give you money.
[13:26] A grant means you take this money, you don't have to give it back.
[13:29] The government is going to give it to you.
[13:31] maybe because you're a minority or a woman or have a core needs business.
[13:34] They also do a ton of loans.
[13:37] You know, they'll loan you 90% of the purchase price of a business if you need one.
[13:38] And all around us are also people who want to invest.
[13:40] And so like there's a website called percent and on percent if you have a small business and you need some debt for a small business you can.
[13:43] actually get debt from your small business through uh you know website.
[13:46] But I think the most important part is not just tactically it's like can I change my belief to believe that money is all around me and I do not need to have only my own money in order to get rich.
[13:48] And I want more people to think that way.
[13:50] It's hard.
[13:52] I get it.
[13:54] Do you think everyone needs a side hustle right now?
[13:55] I have two thoughts.
[14:13] Hustle right now?
[14:13] I have two thoughts.
[14:15] One, I do not believe that you have to go all in on the thing that you want to do in life.
[14:18] I think that is told to you by people who had survivorship bias, like it worked for me, so it's going to work for you.
[14:24] And what do we know to be true?
[14:26] 90% of startups fail over any 5-year period.
[14:29] And so, I actually think that the way to never have risk in building a business, if you want to do a startup and have no risk, I think you keep your job.
[14:39] You do really well at that job while you're doing it.
[14:41] You use your salary to fund your side hustle or your next venture.
[14:45] You keep moving forward on it until your side hustle matches the cost of living that you have, your cash flow.
[14:51] And then you leave your business or your job to go start your business once you have enough money from inflow of the business.
[14:58] And I think we've told too many people and idealized this idea of entrepreneurship when in fact, you know, I had three or four businesses fail.
[15:07] If I had just left my job that paid me good money, I would have been sleeping on somebody's couch.
[15:11] And so, you can have a side hustle, but
[15:14] And so, you can have a side hustle, but please keep it on the side for a minute.
[15:16] please keep it on the side for a minute until you make sure it's not just a passion project, it is a profit project.
[15:20] passion project, it is a profit project.
[15:20] Yes.
[15:22] Yeah.
[15:22] And and I think that's the smartest, wisest advice.
[15:25] I'm in the same boat.
[15:26] boat.
[15:26] When I started doing what I do today, I had a full-time job.
[15:27] It didn't pay great, but it paid enough to get by.
[15:29] It paid my bills.
[15:31] It means it means I wasn't creating from a place of stress.
[15:33] And when you're creating something new from just stress, it can be quite debilitating.
[15:36] Now, sometimes stress can be the greatest motivator.
[15:38] It can propel you.
[15:41] It can be your launch pad.
[15:43] But you got to kind of get it right.
[15:45] Too much stress and you fall apart.
[15:47] Too little stress and you stay in the golden handcuffs.
[15:49] handcuffs.
[15:51] That's right.
[15:52] And I think that's where I see a lot of people stuck today is I meet a lot of people who I feel have tied on the golden handcuffs but not using that as the investment.
[15:53] So it's like I want to have a lifestyle with the money I make.
[15:54] I don't want to use it to build a new life.
[15:55] life.
[15:57] Yeah.
[15:59] Does that make sense?
[16:02] Yes.
[16:04] Well, I mean, and you know, there's a lot of data out there that actually backs there was a study that was done on
[16:16] Backs there was a study that was done on should you leave your job to do a startup or should you stay in your job and do your startup at the side.
[16:24] And what the data tells us from hundreds of individuals that went through this is you have a 33% higher likelihood of your startup succeeding if you have an income source while you're doing it because we make better decisions when we're not in flight or fight when we can actually sort of downregulate.
[16:39] You know all about this. Thankfully there's so many tools like what you do that teach people how to downregulate and sometimes you can't control it.
[16:47] But if you can control that your decision is better by keeping an income source.
[16:50] Oh my gosh, why wouldn't you?
[16:52] Because being a CEO is really, in my opinion, it's like three things.
[16:55] If you want to be a great CEO, it is number one, you have to be able to sell a dream so big that other talent wants to come alongside you.
[17:04] They think that their vision is bigger under yours.
[17:07] Then number two, you have to make great diagnosis.
[17:09] What's happening in the world around us just like a doctor would to understand what's good or bad.
[17:16] understand what's good or bad.
[17:18] And then you have to have great decision-making on top of the diagnosis.
[17:21] And so if you can hire great talent, diagnose well, but you make bad decisions because you're scared, that's not going to lead to a successful startup in my experience.
[17:29] experience.
[17:29] I I I love those top three qualities of a CEO.
[17:32] I wanted to ask you the opposite.
[17:34] What allows an employee to be great and make more money as an employee?
[17:39] If you want to make more money as an employee, number one, you have to understand how much money you make the company today.
[17:44] If you don't understand what your value dollar amount is you bring into your business, you should probably go talk to your boss and say, "Hey, I'd like to understand how I make you money."
[17:55] If you had to quantify how I make you money, could you help me understand that?
[17:58] One, your boss is going to be like, "This is amazing. Nobody's ever asked me this before."
[18:03] And then two, once you understand that, you need to figure out how could I make more money for the company.
[18:08] Once you can understand how you can make more money, you can say, "Well, what do you think the profits of this business are?
[18:13] If we bring in a $100 sale, do we keep 20 bucks of it?
[18:15] And if I figure that out,
[18:17] bucks of it?
[18:19] And if I figure that out, then I can go, okay, I made you a hundred bucks, we kept 20 of it.
[18:22] If I do that, could I keep five of that 20 I brought you?
[18:27] And then you actually know how to negotiate for your salary.
[18:30] And a lot of times, this isn't always possible if you're in a big corporate job, but more often than not, there is money available for those who understand how to ask for it because they've earned it.
[18:40] I love that that that step by-step process is so brilliant because you're so right.
[18:44] If someone ever came up to me and said, "How do I make money and how do I make you more money?"
[18:49] Yeah. Oh my gosh, it's like the best thing ever because it's so often not thought about and you don't realize and like you said, there may be certain companies where you can't have that conversation, but today I feel like there's just so many more spaces to actually have that connection.
[19:04] >> that you can.
[19:05] Yeah. You know, and think about it from your boss's perspective.
[19:07] like they hired you for a reason because they thought that you would make their life easier and that you would make the business better.
[19:13] And I think a lot of times you leave your job before you get
[19:19] times you leave your job before you get all of the money out of your job you all of the money out of your job you could have.
[19:21] could have. And I did this so often in the beginning.
[19:23] And I did this so often in the beginning. I think you'd make way more money if you thought that you could have a conversation with your boss and say,
[19:27] a conversation with your boss and say, "Man, this isn't exactly working how I thought it would be. I think I could be of use over here as well. I'd love some additional responsibility here, maybe less here.
[19:38] additional responsibility here, maybe less here. You know, could I make you more money over here if I prove myself here? Could we do less here?
[19:41] here? Could we do less here? You leave the devil that you know for the devil that you don't often. And when that happens, I think you actually lose more money than you anticipate.
[19:48] happens, I think you actually lose more money than you anticipate. It used to be back in the day you you made about 20 to 25% more money every time you job hopped to the next job.
[19:57] to the next job. These days I actually think that there is a real value you can have to increase your salary or overall pay by more like 25 to 50% if you stay and you diagnose as opposed to you skip and then you guess.
[20:11] and then you guess. Yes.
[20:13] And so I would highly recommend that you not do what I did in the beginning of my career which was skip skip and never
[20:21] career which was skip skip and never give the place a chance to pay me more.
[20:23] give the place a chance to pay me more. >> Yeah.
[20:24] >> Yeah. >> Because they might want to.
[20:25] >> Because they might want to. >> Absolutely. and and and what you miss
[20:27] >> Absolutely. and and and what you miss when you skip is you actually miss the
[20:30] when you skip is you actually miss the skills of negotiating,
[20:32] skills of negotiating, >> up managing, learning new skills and
[20:35] >> up managing, learning new skills and abilities at that place. You're so right
[20:37] abilities at that place. You're so right and it's so I mean you're you're so
[20:38] and it's so I mean you're you're so vulnerable for even saying that because
[20:40] vulnerable for even saying that because you know you've you've done so
[20:41] you know you've you've done so phenomenally well but but it's such a
[20:44] phenomenally well but but it's such a good lesson for people to understand
[20:45] good lesson for people to understand because in the carrot of a couple of
[20:49] because in the carrot of a couple of extra whatever it may be, you're moving
[20:52] extra whatever it may be, you're moving across but you're actually losing the
[20:53] across but you're actually losing the skills. One thing I painted up recently
[20:55] skills. One thing I painted up recently which I haven't fully presented to my
[20:57] which I haven't fully presented to my team yet, but it's been something I've
[20:58] team yet, but it's been something I've been putting together for how and I know
[21:02] been putting together for how and I know you have something on this too. So I
[21:03] you have something on this too. So I want to share mine with you to get your
[21:04] want to share mine with you to get your thoughts on it. I've been building this
[21:06] thoughts on it. I've been building this framework of how to talk to my team
[21:09] framework of how to talk to my team about what helps you grow at the company
[21:12] about what helps you grow at the company >> and I used a very very simple analogy
[21:16] >> and I used a very very simple analogy and metaphor of beginning at the brick
[21:19] and metaphor of beginning at the brick layer. So the brick layer is usually at
[21:21] layer. So the brick layer is usually at the level with which you come in. And
[21:24] the level with which you come in. And the brick layer knows I have to lay this
[21:26] the brick layer knows I have to lay this brick and I've got to lay it next to
[21:27] brick and I've got to lay it next to this one. And I know the pattern and I
[21:29] this one. And I know the pattern and I can lay a brick and maybe I can build a
[21:32] can lay a brick and maybe I can build a wall. Maybe the next level up is a
[21:35] wall. Maybe the next level up is a builder. You actually know how to build
[21:37] builder. You actually know how to build a wall. You know how to paint the wall.
[21:39] a wall. You know how to paint the wall. You know how to put up scaffolding. You
[21:41] You know how to put up scaffolding. You know how to connect walls. You can do a
[21:43] know how to connect walls. You can do a bit more and you're a builder. Above
[21:46] bit more and you're a builder. Above from that is something I call the
[21:48] from that is something I call the architect. Now the architect is not just
[21:51] architect. Now the architect is not just good at building a wall. They could
[21:52] good at building a wall. They could actually go and build me and design me a
[21:56] actually go and build me and design me a new part of the business, an extension
[21:57] new part of the business, an extension of something, a new idea. And that's how
[22:00] of something, a new idea. And that's how I want people to grow. And then the
[22:02] I want people to grow. And then the highest stage that I've come to is the
[22:03] highest stage that I've come to is the city planner. This person's not just
[22:05] city planner. This person's not just building me one home. They're planning
[22:07] building me one home. They're planning the whole city of the ecosystem of how
[22:10] the whole city of the ecosystem of how everything falls into place. And so I'm
[22:12] everything falls into place. And so I'm communicating this to my team now
[22:14] communicating this to my team now because I'm like I want all of you to
[22:16] because I'm like I want all of you to graduate from brick layers to builders
[22:18] graduate from brick layers to builders to architects to city planners. And that
[22:22] to architects to city planners. And that is what's attached to more money. It's
[22:24] is what's attached to more money. It's not more effort.
[22:26] not more effort. >> It's not more work.
[22:28] >> It's not more work. >> It's not being more busy.
[22:30] >> It's not being more busy. >> It's not doing more stuff. These all
[22:32] >> It's not doing more stuff. These all come with a different type of vision.
[22:34] come with a different type of vision. They come with a different strategic
[22:35] They come with a different strategic element. They come with more care. They
[22:38] element. They come with more care. They come with a wider scope. It isn't just
[22:40] come with a wider scope. It isn't just about, oh, but I worked more hours this
[22:42] about, oh, but I worked more hours this year or I I put in more time. Didn't you
[22:44] year or I I put in more time. Didn't you see how much effort I put in? And I
[22:45] see how much effort I put in? And I think those things don't necessarily
[22:48] think those things don't necessarily result in more success for a company.
[22:50] result in more success for a company. What's your thoughts on that?
[22:51] What's your thoughts on that? >> I think it's perfect. one, you know, we
[22:55] >> I think it's perfect. one, you know, we all want to feel like we can see a
[22:58] all want to feel like we can see a future at an organization and I think we
[23:01] future at an organization and I think we all want to make money, but we also
[23:03] all want to make money, but we also really want to know that we're getting
[23:04] really want to know that we're getting better and we want to know that we're
[23:05] better and we want to know that we're going to get rewarded for all the hard
[23:07] going to get rewarded for all the hard work we're going to put in over the long
[23:08] work we're going to put in over the long term. And so, if you can show people a
[23:10] term. And so, if you can show people a vision for the future, I think that's
[23:11] vision for the future, I think that's incredible. I totally agree. We also
[23:14] incredible. I totally agree. We also talk about it as um and and this isn't
[23:16] talk about it as um and and this isn't quite the same because a brick layer is
[23:18] quite the same because a brick layer is in many ways just as important as the
[23:21] in many ways just as important as the city planner. And so one other way we
[23:24] city planner. And so one other way we talk about it is called the NPC ladder.
[23:26] talk about it is called the NPC ladder. And we sort of talk about, you know, how
[23:27] And we sort of talk about, you know, how there are video games, right? And in the
[23:29] there are video games, right? And in the video games, you have the NPCs, which
[23:31] video games, you have the NPCs, which are sort of these people that sort of
[23:33] are sort of these people that sort of stay in the same spot and repeat the
[23:34] stay in the same spot and repeat the same things, like, you know, find the
[23:36] same things, like, you know, find the dragon, find the dragon. And um some
[23:39] dragon, find the dragon. And um some people choose to kind of stay in the
[23:41] people choose to kind of stay in the same spot and to stay as an NPC for much
[23:43] same spot and to stay as an NPC for much of their life and not to move to each
[23:45] of their life and not to move to each level of the game where you become not
[23:47] level of the game where you become not the main character next. you're the
[23:48] the main character next. you're the supporting cast member, you know, and
[23:50] supporting cast member, you know, and then you might be one of the main
[23:51] then you might be one of the main characters and then you might be the
[23:52] characters and then you might be the protagonist, etc. And so at the very top
[23:54] protagonist, etc. And so at the very top of my best performers where I say the
[23:56] of my best performers where I say the people who will be paid the most maybe
[23:58] people who will be paid the most maybe eventually get equity, well, they're
[24:00] eventually get equity, well, they're they're the main characters and that
[24:02] they're the main characters and that means that they actually change the
[24:04] means that they actually change the script. They move forward the company
[24:06] script. They move forward the company overall. And so I love that. And I
[24:08] overall. And so I love that. And I think, you know, for most of us, there's
[24:11] think, you know, for most of us, there's a saying that you don't leave bad jobs,
[24:13] a saying that you don't leave bad jobs, you leave bad leaders. And so I like to
[24:16] you leave bad leaders. And so I like to try to remember that often in my
[24:17] try to remember that often in my companies that when somebody leaves
[24:19] companies that when somebody leaves that's a reflection on me and my team
[24:21] that's a reflection on me and my team that they didn't see a way for them to
[24:23] that they didn't see a way for them to become a city planner and that they
[24:24] become a city planner and that they didn't see a way for them to come to the
[24:26] didn't see a way for them to come to the next level. I do think about that often.
[24:29] next level. I do think about that often. >> It's almost like it's an it's a
[24:31] >> It's almost like it's an it's a validation of all of these are needed
[24:33] validation of all of these are needed but there's a ladder.
[24:34] but there's a ladder. >> Yeah.
[24:35] >> Yeah. >> And the ladder isn't just more time and
[24:38] >> And the ladder isn't just more time and more work.
[24:38] more work. >> No.
[24:39] >> No. >> Which which often is the mistake.
[24:40] >> Which which often is the mistake. >> Well, I think you're you're really
[24:41] >> Well, I think you're you're really right. I mean today I think there's a
[24:43] right. I mean today I think there's a culture of there's a hustle culture that
[24:45] culture of there's a hustle culture that happens about hard work will equal
[24:47] happens about hard work will equal wealth and that is actually not true at
[24:50] wealth and that is actually not true at all and we have seen over time if hard
[24:52] all and we have seen over time if hard work would equal wealth then the person
[24:54] work would equal wealth then the person who runs my laundromat would make just
[24:55] who runs my laundromat would make just as much as Jeff Bezos and we know you
[24:58] as much as Jeff Bezos and we know you know there's an incredible video out
[24:59] know there's an incredible video out there that I I can't remember who did it
[25:01] there that I I can't remember who did it but it basically shows for the 60
[25:04] but it basically shows for the 60 seconds that Jeff Bezos is in the video
[25:05] seconds that Jeff Bezos is in the video how much money Jeff Bezos is making
[25:07] how much money Jeff Bezos is making every single second as he walks around
[25:09] every single second as he walks around the factory and it shows that he makes,
[25:12] the factory and it shows that he makes, let's say, I don't know, x millions of
[25:15] let's say, I don't know, x millions of dollars per second. And so by the time
[25:18] dollars per second. And so by the time my laundromat owner has picked up his
[25:20] my laundromat owner has picked up his coffee, put it in his mouth, Jeff Bezos
[25:22] coffee, put it in his mouth, Jeff Bezos has already lapped him multiple times
[25:23] has already lapped him multiple times for the year. Now, why? Jeff doesn't
[25:26] for the year. Now, why? Jeff doesn't work as hard as the guy who's laying
[25:27] work as hard as the guy who's laying actual bricks or actually cleaning the
[25:30] actual bricks or actually cleaning the roof. And so, I think we have to ask
[25:31] roof. And so, I think we have to ask ourselves if this idea of just work
[25:33] ourselves if this idea of just work harder. What's your work ethic? That's
[25:35] harder. What's your work ethic? That's not true anymore, especially in the age
[25:37] not true anymore, especially in the age of AI. You know, the more I I think
[25:39] of AI. You know, the more I I think about AI as a total normie. I'm not I'm
[25:42] about AI as a total normie. I'm not I'm not a big tech person. I'm almost like
[25:44] not a big tech person. I'm almost like boomer incapable in many ways with tech.
[25:48] boomer incapable in many ways with tech. But the more I think about it, the more
[25:49] But the more I think about it, the more I think it will enable all of us to have
[25:52] I think it will enable all of us to have massive knowledge.
[25:54] massive knowledge. And because we'll all have massive
[25:55] And because we'll all have massive knowledge, we will actually have to
[25:57] knowledge, we will actually have to perform better because everybody will be
[25:59] perform better because everybody will be able to do a midlevel execution, very
[26:02] able to do a midlevel execution, very few people will be able to stand out
[26:04] few people will be able to stand out amongst the noise. And we're already
[26:05] amongst the noise. And we're already seeing this 47% increase in creators
[26:08] seeing this 47% increase in creators just this year online. So why? Because
[26:11] just this year online. So why? Because it's so much easier now to go bang bam
[26:13] it's so much easier now to go bang bam boom, put it on the internet. So that's
[26:15] boom, put it on the internet. So that's going to be everywhere. Which means that
[26:17] going to be everywhere. Which means that going forward, just doing a lot more,
[26:19] going forward, just doing a lot more, just working a lot harder won't be what
[26:22] just working a lot harder won't be what changes it. What will taking a moment to
[26:25] changes it. What will taking a moment to look at what do I know different than
[26:26] look at what do I know different than anybody else? How do I increase my
[26:28] anybody else? How do I increase my knowledge stack? And how do I get really
[26:30] knowledge stack? And how do I get really creative in a world of lack of
[26:32] creative in a world of lack of creativity but mass production? And so I
[26:34] creativity but mass production? And so I loved Nval Ravocant's line which was in
[26:37] loved Nval Ravocant's line which was in this world today you don't want to work
[26:39] this world today you don't want to work like a cow. You don't want to work
[26:41] like a cow. You don't want to work continuously sort of grazing non-stop
[26:43] continuously sort of grazing non-stop like this. You want to be the lion. You
[26:45] like this. You want to be the lion. You want to have periods of sprint and rest.
[26:47] want to have periods of sprint and rest. Sprint and rest. And that will be what
[26:50] Sprint and rest. And that will be what the top performers do.
[26:51] the top performers do. >> Yeah. Absolutely. So well said. Is
[26:53] >> Yeah. Absolutely. So well said. Is passive income a myth?
[26:55] passive income a myth? >> Well, passive income is a tax statement.
[26:59] >> Well, passive income is a tax statement. So like the actual words passive income
[27:02] So like the actual words passive income versus active income are real per the
[27:04] versus active income are real per the government. But is passive income in the
[27:06] government. But is passive income in the fact that I will make money if I do
[27:08] fact that I will make money if I do nothing and I take x amount of risk and
[27:12] nothing and I take x amount of risk and x amount of my money in order to do
[27:14] x amount of my money in order to do something. No, that's a total lie. And I
[27:15] something. No, that's a total lie. And I think anybody who tells you that this
[27:17] think anybody who tells you that this will be completely passive income,
[27:18] will be completely passive income, there's a red flag. Immediate red flag.
[27:20] there's a red flag. Immediate red flag. I mean, I own a bunch of vending
[27:21] I mean, I own a bunch of vending machines. Vending machines are often
[27:23] machines. Vending machines are often something people call passive income.
[27:25] something people call passive income. Let me tell you what's not passive, a
[27:27] Let me tell you what's not passive, a vending machine. They break all the
[27:29] vending machine. They break all the time. People break into them. They don't
[27:32] time. People break into them. They don't make that much money per machine. And uh
[27:35] make that much money per machine. And uh also they make a ton of money on
[27:36] also they make a ton of money on aggregate and they're great for many
[27:38] aggregate and they're great for many things uh once you have hundreds of them
[27:40] things uh once you have hundreds of them or or thousands. But there's no such
[27:42] or or thousands. But there's no such thing as passive income. And once you
[27:44] thing as passive income. And once you know that, I think you also can
[27:46] know that, I think you also can recognize like do you want passive
[27:48] recognize like do you want passive income? Is that what you really want? Or
[27:50] income? Is that what you really want? Or do you just want a job that you love
[27:53] do you just want a job that you love that pays you well that like lights that
[27:55] that pays you well that like lights that fire inside of you? I think we want
[27:57] fire inside of you? I think we want passive income because we hate what we
[27:59] passive income because we hate what we do because 87% of Americans don't like
[28:02] do because 87% of Americans don't like what they do for a living. They don't
[28:03] what they do for a living. They don't like who they work with and so why would
[28:05] like who they work with and so why would they want to do more of it? Please give
[28:06] they want to do more of it? Please give me passive income. But I don't think
[28:08] me passive income. But I don't think that's actually what we want. We just
[28:09] that's actually what we want. We just want something that really speaks to us.
[28:12] want something that really speaks to us. >> Is that a genuine pursuit? Like do you
[28:14] >> Is that a genuine pursuit? Like do you think people can do what they love and
[28:16] think people can do what they love and make a lot of money? Or are those ideas
[28:18] make a lot of money? Or are those ideas disconnected?
[28:19] disconnected? >> I think that anybody tells you you
[28:21] >> I think that anybody tells you you should follow your passion in order to
[28:22] should follow your passion in order to make money is probably already rich. And
[28:25] make money is probably already rich. And it sounds really nice actually. And so
[28:28] it sounds really nice actually. And so they're like, "Of course, follow your
[28:29] they're like, "Of course, follow your passion." Well, even somebody like we
[28:31] passion." Well, even somebody like we both know some of the founders of
[28:32] both know some of the founders of Airbnb. You're closer with them than I
[28:34] Airbnb. You're closer with them than I am. But like, you know, Joe and Austin,
[28:36] am. But like, you know, Joe and Austin, he would say that he was incredibly
[28:38] he would say that he was incredibly passionate when he started Airbnb. But
[28:41] passionate when he started Airbnb. But was he like passionate about, I don't
[28:43] was he like passionate about, I don't know, home design of his like, you know,
[28:46] know, home design of his like, you know, mattress on the floor? Like no. What was
[28:48] mattress on the floor? Like no. What was he passionate about? He found some game
[28:50] he passionate about? He found some game that he loved to play in the game of
[28:52] that he loved to play in the game of business. And it probably could have
[28:54] business. And it probably could have been a lighting company that he had or a
[28:57] been a lighting company that he had or a painting company or Airbnb. He just
[28:59] painting company or Airbnb. He just learned to love the game. So where I
[29:01] learned to love the game. So where I think people get it wrong is learn to
[29:03] think people get it wrong is learn to love the game. Don't try to obsess on
[29:05] love the game. Don't try to obsess on your passions. We try to turn like
[29:06] your passions. We try to turn like painting that we do or underwater basket
[29:09] painting that we do or underwater basket weaving or whatever our weird hobby is
[29:11] weaving or whatever our weird hobby is into our profits. And that's where you
[29:14] into our profits. And that's where you go really really wrong. And in fact
[29:16] go really really wrong. And in fact there's a lot of data to support this. I
[29:17] there's a lot of data to support this. I mean, we have something called the
[29:18] mean, we have something called the boring sexy matrix that essentially it
[29:21] boring sexy matrix that essentially it kind of looks like, you know, two lines
[29:23] kind of looks like, you know, two lines and then a charted graph that shows you
[29:25] and then a charted graph that shows you the more boring the industry, the higher
[29:27] the more boring the industry, the higher the income. And so, especially in
[29:31] the income. And so, especially in Hollywood, in fact, there's an
[29:32] Hollywood, in fact, there's an incredible study that shows in SAG Ara,
[29:34] incredible study that shows in SAG Ara, the Hollywood Union, there's 187, I
[29:38] the Hollywood Union, there's 187, I believe 187,000 members of this union.
[29:42] believe 187,000 members of this union. And of those, more than 80% of them do
[29:46] And of those, more than 80% of them do not qualify for health insurance, which
[29:48] not qualify for health insurance, which means that they don't make enough money
[29:50] means that they don't make enough money to even qualify for health insurance.
[29:52] to even qualify for health insurance. The average income is like $23,000. Wow.
[29:54] The average income is like $23,000. Wow. >> For an actor in LA. And so what does
[29:58] >> For an actor in LA. And so what does that tell you? When you want to try to
[29:59] that tell you? When you want to try to be a Clooney or you want to try to be,
[30:01] be a Clooney or you want to try to be, you know, a famous Brad Pitt, most
[30:04] you know, a famous Brad Pitt, most people make no money from it. You'd be
[30:06] people make no money from it. You'd be way better off going to finance where
[30:09] way better off going to finance where 99% of the people earn a 100% of their
[30:11] 99% of the people earn a 100% of their income from their job than in acting in
[30:15] income from their job than in acting in which it appears that less than 20% of
[30:18] which it appears that less than 20% of people make their full income from this
[30:20] people make their full income from this job. And and I'm not like trying to
[30:22] job. And and I'm not like trying to dissuade anybody from doing things that
[30:24] dissuade anybody from doing things that you love. I might just be pushing you to
[30:26] you love. I might just be pushing you to even say, "How could I be more creative
[30:28] even say, "How could I be more creative about this? If I love to act, where is
[30:30] about this? If I love to act, where is there money around the world of acting
[30:33] there money around the world of acting that I could go grab and still integrate
[30:36] that I could go grab and still integrate the two? But does it have to be this
[30:39] the two? But does it have to be this pre-ordained sexy role? And I think the
[30:41] pre-ordained sexy role? And I think the answer is no. You're a perfect example
[30:43] answer is no. You're a perfect example of it. That's how podcasts were born.
[30:45] of it. That's how podcasts were born. You know, it was like these people who
[30:46] You know, it was like these people who wanted to maybe have talk shows, who
[30:48] wanted to maybe have talk shows, who wanted to interview people, and we said
[30:50] wanted to interview people, and we said we could do it here instead of a studio.
[30:53] we could do it here instead of a studio. And you change an entire industry.
[30:54] And you change an entire industry. >> I wanted a talk show so bad. such a good
[30:56] >> I wanted a talk show so bad. such a good example and I love that.
[30:58] example and I love that. >> Yeah. Like who like that was, you know,
[31:00] >> Yeah. Like who like that was, you know, I grew up watching Oprah,
[31:01] I grew up watching Oprah, >> big fan
[31:02] >> big fan >> and I was like how cool would it be to
[31:05] >> and I was like how cool would it be to sit down with people and to have a talk
[31:07] sit down with people and to have a talk show and all the rest of it
[31:08] show and all the rest of it >> and then you realize no one's giving you
[31:10] >> and then you realize no one's giving you a talk show
[31:11] a talk show >> and unless your talk show is really
[31:13] >> and unless your talk show is really really significant. No one's making any
[31:15] really significant. No one's making any significant money and no one's giving
[31:17] significant money and no one's giving you a talk show. That that's the reality
[31:19] you a talk show. That that's the reality of it. There's only ever like three
[31:21] of it. There's only ever like three daytime talk show hosts that are
[31:23] daytime talk show hosts that are successful and maybe three late night
[31:25] successful and maybe three late night talk show hosts that are successful and
[31:27] talk show hosts that are successful and then everyone else like you said as
[31:28] then everyone else like you said as acting 97% of people 99% of people don't
[31:32] acting 97% of people 99% of people don't have that and when you do what you love
[31:36] have that and when you do what you love like so do I love interviewing yes I do
[31:38] like so do I love interviewing yes I do but I love the distinction you made
[31:40] but I love the distinction you made because I think there's a difference
[31:42] because I think there's a difference between a hobby and a skill
[31:45] between a hobby and a skill >> so and you just said it you you
[31:46] >> so and you just said it you you literally just said it so I love Soccer.
[31:49] literally just said it so I love Soccer. Soccer is my first love. It's one of my
[31:52] Soccer is my first love. It's one of my favorite hobbies. I love talking about
[31:54] favorite hobbies. I love talking about it. I like playing it. I like FIFA, like
[31:57] it. I like playing it. I like FIFA, like on the PlayStation, Xbox, whatever. I'm
[31:59] on the PlayStation, Xbox, whatever. I'm in. If I tried to become a soccer
[32:01] in. If I tried to become a soccer player, it would never have happened.
[32:03] player, it would never have happened. Like, I'm not good enough. Not even
[32:04] Like, I'm not good enough. Not even close. And sure, I could have found a
[32:07] close. And sure, I could have found a way to maybe get into coaching or maybe
[32:08] way to maybe get into coaching or maybe whatever. But to be honest, it's a
[32:10] whatever. But to be honest, it's a hobby. It's something I love talking to
[32:11] hobby. It's something I love talking to my friends about. that doesn't have to
[32:13] my friends about. that doesn't have to be the thing that I monetize or that I
[32:16] be the thing that I monetize or that I build into my offering to the world. And
[32:19] build into my offering to the world. And and I love the difference because I
[32:20] and I love the difference because I think when we hear the word passion, we
[32:23] think when we hear the word passion, we confuse hobby for skills.
[32:24] confuse hobby for skills. >> Yes.
[32:25] >> Yes. >> And then you go, "Wait a minute. No, I
[32:26] >> And then you go, "Wait a minute. No, I my hobby is painting. I'm not the best
[32:28] my hobby is painting. I'm not the best painter. Let me be honest." And I think
[32:30] painter. Let me be honest." And I think I've never heard someone say that
[32:32] I've never heard someone say that before. I've never heard that clear
[32:33] before. I've never heard that clear clarification. So, thank you for making
[32:35] clarification. So, thank you for making that crystal clear.
[32:37] that crystal clear. >> Yeah, it's really, you know, I heard
[32:38] >> Yeah, it's really, you know, I heard Michael Dell the it was I think it was
[32:40] Michael Dell the it was I think it was in Michael Dell's book. He said somebody
[32:43] in Michael Dell's book. He said somebody was asking him why he wanted to take his
[32:46] was asking him why he wanted to take his company back because he had kind of had
[32:47] company back because he had kind of had it pulled away from him. Him and another
[32:49] it pulled away from him. Him and another big investor basically got into this
[32:50] big investor basically got into this scuffle and and and somebody was asking
[32:52] scuffle and and and somebody was asking him why do you still care about Dell?
[32:54] him why do you still care about Dell? You're a billionaire many times over.
[32:55] You're a billionaire many times over. You're super successful. Why don't you
[32:57] You're super successful. Why don't you just let this go? And he says, "Uh, I
[32:59] just let this go? And he says, "Uh, I will care about this company after I am
[33:02] will care about this company after I am dead." He loves the game. He was so
[33:05] dead." He loves the game. He was so obsessed with Dell that you couldn't pry
[33:08] obsessed with Dell that you couldn't pry it out of his cold dead hands. And I
[33:10] it out of his cold dead hands. And I think about that often. I think you know
[33:13] think about that often. I think you know you couldn't make me retire no matter
[33:15] you couldn't make me retire no matter how much money you gave me. Why are
[33:17] how much money you gave me. Why are there many days where the game of
[33:18] there many days where the game of entrepreneurship is so brutal that I do
[33:21] entrepreneurship is so brutal that I do think what what am I doing? I don't have
[33:23] think what what am I doing? I don't have to keep doing this. Why do I do it? But
[33:24] to keep doing this. Why do I do it? But I love the game. And I think if we can
[33:26] I love the game. And I think if we can instill in more young people a love for
[33:28] instill in more young people a love for the game, then they will realize that it
[33:30] the game, then they will realize that it is the most fun thing that you can do
[33:33] is the most fun thing that you can do when you get a chance. And that's also
[33:35] when you get a chance. And that's also how you know if the thing you're doing
[33:37] how you know if the thing you're doing is what you should be doing. like uh
[33:39] is what you should be doing. like uh famously when the two Steves, Steve Jobs
[33:42] famously when the two Steves, Steve Jobs and Steve Waznjak were first starting
[33:44] and Steve Waznjak were first starting out, they were at I think it was Atari,
[33:46] out, they were at I think it was Atari, the company that they were at. Anyway,
[33:47] the company that they were at. Anyway, they're at another tech company. And uh
[33:49] they're at another tech company. And uh it
[33:49] it >> was Atari.
[33:50] >> was Atari. >> Yeah, it was. And Jobs, do you remember
[33:52] >> Yeah, it was. And Jobs, do you remember the story where Jobs uh said, "The only
[33:53] the story where Jobs uh said, "The only way that I'm coming to work here is if I
[33:55] way that I'm coming to work here is if I can sleep here, too." And the founder,
[33:57] can sleep here, too." And the founder, as a normal founder probably would do,
[33:59] as a normal founder probably would do, was like, "That's weird. No, you can't
[34:00] was like, "That's weird. No, you can't do that." But he realized that they were
[34:03] do that." But he realized that they were so good, they were so obsessed that
[34:06] so good, they were so obsessed that their outperformance meant that he
[34:07] their outperformance meant that he should let them be weird. And so he let
[34:09] should let them be weird. And so he let them stay there, which was like a little
[34:10] them stay there, which was like a little problematic cuz I hear Steve was a
[34:11] problematic cuz I hear Steve was a little smelly. But like top performers
[34:14] little smelly. But like top performers are really just people who are obsessed
[34:16] are really just people who are obsessed with the game.
[34:17] with the game. >> It's not that you have to have crazy IQ.
[34:19] >> It's not that you have to have crazy IQ. It's not that you have to have a crazy
[34:20] It's not that you have to have a crazy skill set. It's really hard to beat the
[34:23] skill set. It's really hard to beat the compounding thing that is obsession. And
[34:25] compounding thing that is obsession. And I think that should open up for some
[34:27] I think that should open up for some people a realization that you could win.
[34:29] people a realization that you could win. You could beat a Jay and a Cody if
[34:31] You could beat a Jay and a Cody if you're more obsessed with something than
[34:32] you're more obsessed with something than we are.
[34:33] we are. >> Oh, for sure. And what I've learned is
[34:35] >> Oh, for sure. And what I've learned is that in order to love the game, you have
[34:38] that in order to love the game, you have to respect the rules.
[34:40] to respect the rules. >> Oh.
[34:40] >> Oh. >> And what I found, it's like playing
[34:42] >> And what I found, it's like playing Monopoly. Everyone knows Monopoly, so
[34:43] Monopoly. Everyone knows Monopoly, so I'll use that as an example. It's like
[34:45] I'll use that as an example. It's like playing Monopoly. You know, you have to
[34:47] playing Monopoly. You know, you have to have a three set in order to build
[34:50] have a three set in order to build homes.
[34:51] homes. >> Once you build four homes on one street,
[34:54] >> Once you build four homes on one street, you can then upgrade it for a hotel.
[34:56] you can then upgrade it for a hotel. That is the rule of how monopoly works.
[34:58] That is the rule of how monopoly works. Now, you play with some people and
[34:59] Now, you play with some people and they'll say, "Well, I don't like that. I
[35:01] they'll say, "Well, I don't like that. I just want to be able to build on even if
[35:03] just want to be able to build on even if I have one of the sets or why do I have
[35:05] I have one of the sets or why do I have to build four houses to build a hotel? I
[35:07] to build four houses to build a hotel? I should just be able to build a hotel."
[35:08] should just be able to build a hotel." And I see this in real life, too, where
[35:10] And I see this in real life, too, where we start saying things like, "Well, I
[35:12] we start saying things like, "Well, I don't like the social media algorithm
[35:14] don't like the social media algorithm because it's not fair."
[35:15] because it's not fair." >> And it's like, it isn't fair, but it is
[35:17] >> And it's like, it isn't fair, but it is the rule. And so, if we hate the rules,
[35:20] the rule. And so, if we hate the rules, you can't love the game. And I see that
[35:23] you can't love the game. And I see that over and over again where it's like,
[35:24] over and over again where it's like, well Jay, but this isn't fair or this
[35:26] well Jay, but this isn't fair or this isn't right or it should be like this or
[35:29] isn't right or it should be like this or new thing. And I'm like, I get it. Like
[35:30] new thing. And I'm like, I get it. Like I actually empathize with that and I
[35:32] I actually empathize with that and I validate you. I feel the same way.
[35:35] validate you. I feel the same way. >> But in order to love the game, you have
[35:37] >> But in order to love the game, you have to respect the rules. And so figure out
[35:39] to respect the rules. And so figure out the rules. Like you've figured out the
[35:40] the rules. Like you've figured out the rules of vending machines. You figured
[35:42] rules of vending machines. You figured out the rules of different businesses
[35:44] out the rules of different businesses that you've built. And once you know the
[35:46] that you've built. And once you know the rules, you can play the game just like
[35:48] rules, you can play the game just like Monopoly. And and I think that's what it
[35:50] Monopoly. And and I think that's what it takes. So what would you say are the
[35:52] takes. So what would you say are the rules of some interesting businesses or
[35:56] rules of some interesting businesses or even business in general or money that
[35:58] even business in general or money that you think people need to learn to
[36:00] you think people need to learn to respect?
[36:00] respect? >> I think the number one rule if you want
[36:02] >> I think the number one rule if you want to be successful today is that there's
[36:04] to be successful today is that there's really there's two type of people. One
[36:06] really there's two type of people. One type of person will be really successful
[36:08] type of person will be really successful and one type of person will never be
[36:09] and one type of person will never be successful until they change their
[36:11] successful until they change their mentality. And and we call these fixers
[36:14] mentality. And and we call these fixers versus freeloaders. A fixer is somebody
[36:16] versus freeloaders. A fixer is somebody who if you imagine there's a leaky boat,
[36:19] who if you imagine there's a leaky boat, right? and there's all these holes in
[36:21] right? and there's all these holes in it. The fixer will be the one that
[36:23] it. The fixer will be the one that starts actively thinking, "Okay, we've
[36:26] starts actively thinking, "Okay, we've got some, you know, putty over here.
[36:27] got some, you know, putty over here. We're going to put it on here. We're
[36:29] We're going to put it on here. We're actually going to start bailing things
[36:30] actually going to start bailing things out over there." They realize that there
[36:32] out over there." They realize that there is a problem. The problem is annoying.
[36:33] is a problem. The problem is annoying. They probably didn't create the problem.
[36:35] They probably didn't create the problem. The problem might actually be somebody
[36:36] The problem might actually be somebody else's fault entirely. And yet, what do
[36:39] else's fault entirely. And yet, what do they do? They immediately go into fix
[36:40] they do? They immediately go into fix mode. And then there's the freeloader.
[36:43] mode. And then there's the freeloader. And we can all have a little component
[36:45] And we can all have a little component of this, but a freeloader is so common
[36:48] of this, but a freeloader is so common today. the freeloader is the one that's
[36:50] today. the freeloader is the one that's standing in the boat and they might be
[36:51] standing in the boat and they might be saying, "Well, you know, I don't mind
[36:53] saying, "Well, you know, I don't mind the holes." Uh, or that was somebody
[36:55] the holes." Uh, or that was somebody else's issue, or I don't have time to
[36:58] else's issue, or I don't have time to fix that, or I don't really know what to
[37:00] fix that, or I don't really know what to do about that. And if you go through
[37:02] do about that. And if you go through your life with this freeloader mentality
[37:04] your life with this freeloader mentality of somebody else will fix it all the
[37:06] of somebody else will fix it all the time. Well, then somebody else will
[37:07] time. Well, then somebody else will profit all the time. I've really had
[37:10] profit all the time. I've really had this, right?
[37:11] this, right? >> I I I've had this realization lately
[37:13] >> I I I've had this realization lately that every time I find a problem in my
[37:15] that every time I find a problem in my business, that's where the profit is.
[37:17] business, that's where the profit is. Every time I have a problem in my life,
[37:19] Every time I have a problem in my life, that's where the money is.
[37:20] that's where the money is. >> Oh, that's so good.
[37:21] >> Oh, that's so good. >> And so, if I can just start not having
[37:24] >> And so, if I can just start not having that sinking feeling in my stomach when
[37:26] that sinking feeling in my stomach when I find a big hairy problem, and instead
[37:29] I find a big hairy problem, and instead say, "Ooh, that means there's money
[37:30] say, "Ooh, that means there's money there. That means there's opportunity
[37:32] there. That means there's opportunity there, that means there's growth there."
[37:34] there, that means there's growth there." Then my worldview kind of changes. And
[37:37] Then my worldview kind of changes. And you know, when we came in here, we were
[37:38] you know, when we came in here, we were just talking and I was like, "God, I'm
[37:39] just talking and I was like, "God, I'm having a week cuz I, you know, I got
[37:41] having a week cuz I, you know, I got this one business and we're growing
[37:43] this one business and we're growing really fast." And that sounds cool,
[37:45] really fast." And that sounds cool, except that when you grow really fast,
[37:47] except that when you grow really fast, there's all these issues. There's people
[37:49] there's all these issues. There's people issues and there's business issues. And
[37:51] issues and there's business issues. And so, I'm in it right now. And yet, I
[37:54] so, I'm in it right now. And yet, I always try to make myself go back and
[37:56] always try to make myself go back and say, "It's my fault that we're here."
[37:59] say, "It's my fault that we're here." And that actually is really liberating
[38:01] And that actually is really liberating because if it's my fault, that means
[38:02] because if it's my fault, that means that I also might be able to fix it. If
[38:05] that I also might be able to fix it. If it's somebody else's fault, then what
[38:06] it's somebody else's fault, then what what am I going to do about it? And so,
[38:09] what am I going to do about it? And so, as often as possible, be a fixer, not a
[38:11] as often as possible, be a fixer, not a freeloader. It's where the money is.
[38:12] freeloader. It's where the money is. >> I really like that. And and that's true
[38:14] >> I really like that. And and that's true whether you're a team player, whether
[38:16] whether you're a team player, whether you're an employee, whether you're the
[38:18] you're an employee, whether you're the owner, whether you're looking at a new
[38:20] owner, whether you're looking at a new opportunity. It's true for everyone.
[38:21] opportunity. It's true for everyone. That's why I love it so much because you
[38:24] That's why I love it so much because you could be on a team and going, "Well,
[38:25] could be on a team and going, "Well, where is my CEO's greatest painoint?
[38:27] where is my CEO's greatest painoint? Where is my manager's greatest
[38:29] Where is my manager's greatest painoint?" And if I can solve that and
[38:31] painoint?" And if I can solve that and we're clear on it, that could be the
[38:32] we're clear on it, that could be the greatest opportunity for me to grow my
[38:34] greatest opportunity for me to grow my career.
[38:34] career. >> 100%. You know, and if if you really
[38:36] >> 100%. You know, and if if you really want to grow and earn a lot, I think one
[38:38] want to grow and earn a lot, I think one of the greatest things that you can do
[38:40] of the greatest things that you can do is go find a leadership team and a
[38:43] is go find a leadership team and a leader that you think you want to be
[38:45] leader that you think you want to be like and that you like their trajectory.
[38:48] like and that you like their trajectory. I mean, I think you should try to get on
[38:50] I mean, I think you should try to get on as many rocket ships as you can and you
[38:52] as many rocket ships as you can and you should really stay away from like the
[38:54] should really stay away from like the PTA mom bus. You know, in life, I think
[38:57] PTA mom bus. You know, in life, I think often we want the smooth ride. We want
[39:00] often we want the smooth ride. We want the certain ride. We want the sliding
[39:01] the certain ride. We want the sliding doors. We want to be on a a little nice
[39:04] doors. We want to be on a a little nice little minivan. And what we realize is
[39:07] little minivan. And what we realize is that minivans don't go fast. And
[39:09] that minivans don't go fast. And minivans will probably not be the winner
[39:11] minivans will probably not be the winner of a race. But winning comes with all
[39:14] of a race. But winning comes with all the prizes. So, I think wherever you
[39:15] the prizes. So, I think wherever you can, you should try to get on the rocket
[39:17] can, you should try to get on the rocket ships. And then when you get on the
[39:19] ships. And then when you get on the rocket ship, you got to realize rocket
[39:21] rocket ship, you got to realize rocket ships have turbulence. They're bumpy.
[39:24] ships have turbulence. They're bumpy. They go fast. things break. You can't be
[39:26] They go fast. things break. You can't be surprised when you want to be an
[39:28] surprised when you want to be an astronaut and there's turbulence on the
[39:30] astronaut and there's turbulence on the way up. And so, you know, I think
[39:32] way up. And so, you know, I think there's two things that I didn't do
[39:33] there's two things that I didn't do early enough on uh in my career was
[39:36] early enough on uh in my career was gosh, I really should have tried to get
[39:37] gosh, I really should have tried to get on more rocket ships fast. Bumpy, messy,
[39:40] on more rocket ships fast. Bumpy, messy, big problems. Oh my gosh, but we're
[39:42] big problems. Oh my gosh, but we're going to the moon and I should stay away
[39:45] going to the moon and I should stay away from the normal, you know, mom bus life
[39:48] from the normal, you know, mom bus life that's super super smooth because when
[39:50] that's super super smooth because when I'm young, man, I I don't need this. I
[39:53] I'm young, man, I I don't need this. I need this once I got kids and once I got
[39:55] need this once I got kids and once I got a bunch of responsibilities, but in the
[39:56] a bunch of responsibilities, but in the beginning I should be trying to take all
[39:58] beginning I should be trying to take all the rides I can. And so if I was young
[40:00] the rides I can. And so if I was young and hungry, I would be trying to find a
[40:02] and hungry, I would be trying to find a Jay. I would be trying to find teams
[40:03] Jay. I would be trying to find teams where they are moving and I want to
[40:06] where they are moving and I want to learn from them.
[40:07] learn from them. >> Yeah, it's such it's such great advice.
[40:08] >> Yeah, it's such it's such great advice. And I look back and I think as well that
[40:11] And I look back and I think as well that I had that same spirit then and I
[40:14] I had that same spirit then and I probably didn't seek out people like
[40:15] probably didn't seek out people like that enough. I got lucky with a couple
[40:17] that enough. I got lucky with a couple of examples and I remember it could
[40:19] of examples and I remember it could happen anyway. I remember being I used
[40:21] happen anyway. I remember being I used to work at a grocery store and you know
[40:24] to work at a grocery store and you know stacking shelves and whatever but I was
[40:25] stacking shelves and whatever but I was always trying to find that on a weekend
[40:27] always trying to find that on a weekend you can make a time and a half on a
[40:28] you can make a time and a half on a holiday you could make time and a half
[40:30] holiday you could make time and a half if I worked a few extra hours you'd make
[40:32] if I worked a few extra hours you'd make you know you're always trying to figure
[40:33] you know you're always trying to figure out what the rules are as I was saying
[40:35] out what the rules are as I was saying earlier and I think you're spot on that
[40:38] earlier and I think you're spot on that if you can jump on a place where your
[40:41] if you can jump on a place where your role is not perfectly defined you get to
[40:44] role is not perfectly defined you get to do lots of stuff you get to take more on
[40:46] do lots of stuff you get to take more on when I was at Accenture which is a
[40:48] when I was at Accenture which is a global consulting firm
[40:50] global consulting firm million employees now globally. It used
[40:52] million employees now globally. It used to be 500,000 when I was there. They
[40:54] to be 500,000 when I was there. They actually had this really great setup
[40:56] actually had this really great setup where every year they asked you to learn
[40:58] where every year they asked you to learn one professional skill, one personal
[41:01] one professional skill, one personal skill, and then one skill that you were
[41:04] skill, and then one skill that you were just fascinated by.
[41:06] just fascinated by. >> And it was really interesting because it
[41:07] >> And it was really interesting because it was always encouraged that you needed
[41:09] was always encouraged that you needed all three. And I loved that about the
[41:12] all three. And I loved that about the workplace because it was almost like
[41:13] workplace because it was almost like what's your extracurricular? So you did
[41:15] what's your extracurricular? So you did your day job, but what did you do in the
[41:17] your day job, but what did you do in the evenings? So my evening job at my
[41:20] evenings? So my evening job at my company was teaching meditation. So I
[41:22] company was teaching meditation. So I was bringing my passion into work. What
[41:24] was bringing my passion into work. What did it do? It helped me network more,
[41:26] did it do? It helped me network more, helped me connect with people deeper,
[41:28] helped me connect with people deeper, helped me learn about different parts of
[41:30] helped me learn about different parts of the company that I would never have got
[41:31] the company that I would never have got to see if I wasn't teaching meditation.
[41:34] to see if I wasn't teaching meditation. I had a friend who was a photographer
[41:36] I had a friend who was a photographer outside of work. We were consultants by
[41:38] outside of work. We were consultants by day, but he brought photography into
[41:40] day, but he brought photography into work. He would photograph all the major
[41:42] work. He would photograph all the major events. He'd take head shot of our CEO.
[41:45] events. He'd take head shot of our CEO. He'd take head shot of our CMO. all of a
[41:47] He'd take head shot of our CMO. all of a sudden he's networking inside the
[41:49] sudden he's networking inside the company in a way that you never would
[41:51] company in a way that you never would before. And so it's so interesting when
[41:53] before. And so it's so interesting when you take on new responsibilities which
[41:56] you take on new responsibilities which are based on your passions even in the
[41:57] are based on your passions even in the workplace because you never know where
[41:59] workplace because you never know where they can go.
[42:00] they can go. >> Oh yeah. And there's something really
[42:01] >> Oh yeah. And there's something really contagious about somebody who is hyper
[42:05] contagious about somebody who is hyper passionate with the things that they do
[42:06] passionate with the things that they do for a living. I mean so many studies
[42:08] for a living. I mean so many studies that show that humans are contagious.
[42:10] that show that humans are contagious. You know, I was reading something the
[42:11] You know, I was reading something the other day that said, "If you want to
[42:13] other day that said, "If you want to make more money, the fastest way you can
[42:15] make more money, the fastest way you can do it is actually just by who you
[42:16] do it is actually just by who you surround yourself with." And so, there
[42:18] surround yourself with." And so, there is actually a correlation between if you
[42:20] is actually a correlation between if you have more friends who make over
[42:22] have more friends who make over $100,000, you have a 10% increased
[42:25] $100,000, you have a 10% increased likelihood of making more money and
[42:27] likelihood of making more money and somewhere between a 2.9, I believe, and
[42:29] somewhere between a 2.9, I believe, and a 5% higher likelihood of investing
[42:31] a 5% higher likelihood of investing more. This is just like Jay stays the
[42:33] more. This is just like Jay stays the same. Cody stays the same, but I hang
[42:35] same. Cody stays the same, but I hang out with a few people who have more
[42:36] out with a few people who have more cash. I start making more money and
[42:38] cash. I start making more money and investing more. That's wild. But if you
[42:40] investing more. That's wild. But if you think about it, it makes all the sense
[42:41] think about it, it makes all the sense in the world. Imagine you wanted to lose
[42:44] in the world. Imagine you wanted to lose weight. And so what did you do? You went
[42:46] weight. And so what did you do? You went and hung out with a bunch of people who
[42:47] and hung out with a bunch of people who partied all the time, who ate late night
[42:49] partied all the time, who ate late night food, who were drinking constantly, who
[42:51] food, who were drinking constantly, who slept in late, who are more lethargic
[42:53] slept in late, who are more lethargic because of it. Or you went and hung out
[42:55] because of it. Or you went and hung out with CrossFitters that don't drink, that
[42:57] with CrossFitters that don't drink, that work out every day, that already have
[42:59] work out every day, that already have six-pack abs. Jay's the same person.
[43:01] six-pack abs. Jay's the same person. Cody's the same person. I choose the
[43:03] Cody's the same person. I choose the group that parties. You choose the group
[43:04] group that parties. You choose the group that crossfits. Who do you think wins?
[43:07] that crossfits. Who do you think wins? It's the people that you surround
[43:08] It's the people that you surround yourself with. And so, gosh, people are
[43:10] yourself with. And so, gosh, people are contagious in every sense of the word.
[43:12] contagious in every sense of the word. If you hang out with people that are
[43:13] If you hang out with people that are passionate and obsessed and moving
[43:15] passionate and obsessed and moving forward, it's just going to be easier
[43:17] forward, it's just going to be easier for you to do the same thing.
[43:18] for you to do the same thing. >> Oh, it's so good. It's so true. And and
[43:20] >> Oh, it's so good. It's so true. And and I just, you know, how simple it is when
[43:23] I just, you know, how simple it is when you start doing it. But I feel like
[43:25] you start doing it. But I feel like we're all so scared of like letting our
[43:27] we're all so scared of like letting our friends down. We think we're, you know,
[43:29] friends down. We think we're, you know, sometimes we also get the backlash. Like
[43:31] sometimes we also get the backlash. Like our friends might be like, "Oh yeah, you
[43:33] our friends might be like, "Oh yeah, you just want to be around that person now.
[43:35] just want to be around that person now. you just want to be successful now.
[43:37] you just want to be successful now. We're not good enough for you. And I
[43:38] We're not good enough for you. And I think all of these things are what play
[43:40] think all of these things are what play on people's minds is we don't want to be
[43:42] on people's minds is we don't want to be bad people, but this isn't being a bad
[43:44] bad people, but this isn't being a bad person, but we kind of carry that
[43:46] person, but we kind of carry that around.
[43:46] around. >> It's very true. I mean, like there's
[43:48] >> It's very true. I mean, like there's like a micro lesson. So, let's say right
[43:50] like a micro lesson. So, let's say right now you're trying to save more money. A
[43:52] now you're trying to save more money. A lot of the ways when when you're young
[43:53] lot of the ways when when you're young and don't have a lot of money that you
[43:54] and don't have a lot of money that you spend it is entertainment, right? It's
[43:57] spend it is entertainment, right? It's going out with your friends. And a lot
[43:59] going out with your friends. And a lot of times when you go out with your
[44:00] of times when you go out with your friends, what do you do? like you guys
[44:02] friends, what do you do? like you guys are eating and drinking and who's
[44:03] are eating and drinking and who's splitting the check and what's happening
[44:04] splitting the check and what's happening here. And I think that's a really
[44:06] here. And I think that's a really uncomfortable thing for young people to
[44:07] uncomfortable thing for young people to do. They're like, I don't know how to
[44:09] do. They're like, I don't know how to have a conversation with somebody
[44:10] have a conversation with somebody saying, I'm really limiting my spend.
[44:12] saying, I'm really limiting my spend. So, I know there's six of us and it
[44:14] So, I know there's six of us and it would be really awkward, but I'm not
[44:16] would be really awkward, but I'm not drinking tonight and I'm just going to
[44:17] drinking tonight and I'm just going to have this little thing. So, do you mind
[44:19] have this little thing. So, do you mind if I pay for my portion of it? Why do we
[44:21] if I pay for my portion of it? Why do we worry about doing something like that?
[44:23] worry about doing something like that? Because people are going to think we're
[44:24] Because people are going to think we're cheap. They might judge us. They're
[44:26] cheap. They might judge us. They're going to think that, you know, we're not
[44:27] going to think that, you know, we're not all in it together. And yet, how are you
[44:30] all in it together. And yet, how are you going to reach your goals if you're not
[44:31] going to reach your goals if you're not willing to do even that little thing?
[44:33] willing to do even that little thing? And I remember back in the day, you
[44:34] And I remember back in the day, you know, when I had no money at all and I
[44:36] know, when I had no money at all and I couldn't afford anything that felt super
[44:38] couldn't afford anything that felt super embarrassing to me. And yet those micro
[44:41] embarrassing to me. And yet those micro decisions will help you macro if you do
[44:43] decisions will help you macro if you do it. And and all it is is expectation
[44:45] it. And and all it is is expectation setting. I think a lot of times if you
[44:47] setting. I think a lot of times if you want people to go along with something,
[44:49] want people to go along with something, you just say, "Hey, I'm super
[44:50] you just say, "Hey, I'm super embarrassed to bring this up." And it's
[44:52] embarrassed to bring this up." And it's a it's a little it feels weird to me,
[44:54] a it's a little it feels weird to me, but I I'm really trying to save up to
[44:56] but I I'm really trying to save up to invest and to do this other thing and I
[44:58] invest and to do this other thing and I I want to hang out with you guys
[44:59] I want to hang out with you guys tonight. Would it make you so
[45:01] tonight. Would it make you so uncomfortable if I asked to just pay for
[45:03] uncomfortable if I asked to just pay for my portion because I I can't keep going
[45:06] my portion because I I can't keep going out and doing all this if I have to
[45:07] out and doing all this if I have to spend everything. You know what you're
[45:08] spend everything. You know what you're going to do? You're going to unlock for
[45:10] going to do? You're going to unlock for somebody else there who's too afraid to
[45:12] somebody else there who's too afraid to say it and never will that they feel the
[45:14] say it and never will that they feel the exact same way. They're actually like,
[45:15] exact same way. They're actually like, "Oh god, they got me too because happy
[45:17] "Oh god, they got me too because happy hour is slowly killing my entire
[45:19] hour is slowly killing my entire investing budget." This is coming up
[45:20] investing budget." This is coming up more and more in every conversation I
[45:22] more and more in every conversation I have right now. If you actually said
[45:24] have right now. If you actually said what you were worried about, people
[45:26] what you were worried about, people would actually get it. It's when you
[45:28] would actually get it. It's when you kind of try and do the awkward thing of
[45:30] kind of try and do the awkward thing of not sharing how you feel about it. Like
[45:32] not sharing how you feel about it. Like when you say, "Hey, I'm embarrassed
[45:34] when you say, "Hey, I'm embarrassed about this." All of a sudden, that
[45:35] about this." All of a sudden, that person has empathy,
[45:36] person has empathy, >> right? Your confession of embarrassment
[45:39] >> right? Your confession of embarrassment creates empathy and compassion in the
[45:41] creates empathy and compassion in the other person and then they receive it
[45:43] other person and then they receive it with the understanding. Whereas, if you
[45:45] with the understanding. Whereas, if you just say, "Hey, I don't think I'm coming
[45:46] just say, "Hey, I don't think I'm coming out tonight." Now it's like, wait,
[45:49] out tonight." Now it's like, wait, what's wrong? If you now go out and say,
[45:51] what's wrong? If you now go out and say, oh yeah, I'm just going to pay for my
[45:52] oh yeah, I'm just going to pay for my thing, now you could come across as
[45:54] thing, now you could come across as cheap or all the other things you're
[45:56] cheap or all the other things you're worried about. As soon as you're honest
[45:57] worried about. As soon as you're honest about the embarrassment, the
[45:58] about the embarrassment, the vulnerability, insight, such a beautiful
[46:01] vulnerability, insight, such a beautiful connection with someone. And by the way,
[46:03] connection with someone. And by the way, next time they may not choose that spot.
[46:05] next time they may not choose that spot. They might choose somewhere that's
[46:06] They might choose somewhere that's easier for you if they're a good friend.
[46:08] easier for you if they're a good friend. They'll actually they'll actually walk
[46:10] They'll actually they'll actually walk in your direction, if that makes sense.
[46:11] in your direction, if that makes sense. >> Yeah. You give somebody else a chance to
[46:13] >> Yeah. You give somebody else a chance to actually be there for you, which I've
[46:15] actually be there for you, which I've realized is a real gift. I'm not so good
[46:17] realized is a real gift. I'm not so good at that. But, you know, if you can allow
[46:19] at that. But, you know, if you can allow another person sort of in, man, walls
[46:21] another person sort of in, man, walls break down pretty quick. And then as you
[46:23] break down pretty quick. And then as you make more money, you can start paying it
[46:26] make more money, you can start paying it forward the other way, you know, and and
[46:27] forward the other way, you know, and and then when you can, that's one of the
[46:29] then when you can, that's one of the coolest parts about having money is then
[46:30] coolest parts about having money is then you're like, I got all this. Like, don't
[46:32] you're like, I got all this. Like, don't worry about it. Not one of you. And you
[46:33] worry about it. Not one of you. And you don't have to do it all the time. You
[46:34] don't have to do it all the time. You don't have to, you know, big shot
[46:36] don't have to, you know, big shot people. But when you're in your growth
[46:38] people. But when you're in your growth phase, when you're in your save phase,
[46:40] phase, when you're in your save phase, just be there. That's okay. That's where
[46:42] just be there. That's okay. That's where you are. And know that you don't have to
[46:44] you are. And know that you don't have to stay there. You can eventually be in
[46:45] stay there. You can eventually be in your big boy giveaway, buy the bottles,
[46:47] your big boy giveaway, buy the bottles, do whatever you want phase, but you
[46:49] do whatever you want phase, but you don't have to pretend like you're not
[46:51] don't have to pretend like you're not there. And man, that that'll really help
[46:53] there. And man, that that'll really help too in environments like this where it
[46:55] too in environments like this where it feels harder to make money and and you
[46:57] feels harder to make money and and you feel a little heavy. And you know, I saw
[46:59] feel a little heavy. And you know, I saw this in business, too. I saw this tweet
[47:01] this in business, too. I saw this tweet the other day that I was like, "Oof." It
[47:03] the other day that I was like, "Oof." It was a a business owner and the tweet was
[47:05] was a a business owner and the tweet was literally a picture of a really
[47:07] literally a picture of a really expensive looking dinner and it was like
[47:08] expensive looking dinner and it was like when your company's a couple weeks out
[47:10] when your company's a couple weeks out from having no cash, but you know that
[47:12] from having no cash, but you know that team morale is really expensive so you
[47:14] team morale is really expensive so you spend a couple thousand dollar on a
[47:16] spend a couple thousand dollar on a dinner for the team. And I looked at
[47:18] dinner for the team. And I looked at that for a second and I don't believe in
[47:19] that for a second and I don't believe in like posting any like criticism on the
[47:21] like posting any like criticism on the internet so I didn't I would never say
[47:23] internet so I didn't I would never say anything for that person directly but I
[47:25] anything for that person directly but I think he's wrong. I think instead what
[47:28] think he's wrong. I think instead what you really should do as a leader is say,
[47:30] you really should do as a leader is say, "Hey, we're in a period where we need to
[47:32] "Hey, we're in a period where we need to tighten up a little bit." And I'd love
[47:34] tighten up a little bit." And I'd love us to maybe take an afternoon off or
[47:36] us to maybe take an afternoon off or maybe do something that doesn't cost the
[47:38] maybe do something that doesn't cost the company money or maybe we could, you
[47:40] company money or maybe we could, you know, come up with some cool ideas. We
[47:41] know, come up with some cool ideas. We could do a little challenge to see who
[47:43] could do a little challenge to see who could come up with the best idea for us
[47:44] could come up with the best idea for us to do some like team building. But I
[47:47] to do some like team building. But I can't actually afford this couple
[47:48] can't actually afford this couple thousand because it's my duty to protect
[47:50] thousand because it's my duty to protect your job and to protect your future in
[47:53] your job and to protect your future in this company. And so even though it
[47:55] this company. And so even though it would make me look good to spend a bunch
[47:57] would make me look good to spend a bunch of money, I'm not going to.
[48:00] of money, I'm not going to. >> And it's it's scary being in an
[48:02] >> And it's it's scary being in an ownership position when a business isn't
[48:04] ownership position when a business isn't working. It's super super scary. And so
[48:07] working. It's super super scary. And so it's okay to also
[48:08] it's okay to also >> you don't have to tell everybody
[48:09] >> you don't have to tell everybody everything all the time. They It's not
[48:11] everything all the time. They It's not their job to handle your business
[48:13] their job to handle your business stress, but it is okay to tell them some
[48:16] stress, but it is okay to tell them some reality.
[48:16] reality. >> Cody, there's two big areas I want to
[48:18] >> Cody, there's two big areas I want to quiz you on now. I think there's going
[48:20] quiz you on now. I think there's going to be a lot of great stuff. I'm going to
[48:22] to be a lot of great stuff. I'm going to let you choose which one we start with.
[48:23] let you choose which one we start with. One is money and dating
[48:26] One is money and dating >> and relationships
[48:27] >> and relationships >> and the other is the basics of investing
[48:30] >> and the other is the basics of investing when someone is starting with little.
[48:32] when someone is starting with little. Where do you want to go first?
[48:33] Where do you want to go first? >> I want to start with something really
[48:34] >> I want to start with something really random which is so there was an
[48:36] random which is so there was an interesting study I saw the other day
[48:38] interesting study I saw the other day that shows how you can predict if a
[48:40] that shows how you can predict if a recession is coming through the way that
[48:42] recession is coming through the way that women buy beauty products. And so it's
[48:45] women buy beauty products. And so it's called the lipstick theory. And I was
[48:46] called the lipstick theory. And I was playing around with this today because I
[48:48] playing around with this today because I think all of us are wondering where the
[48:49] think all of us are wondering where the economy is going. And basically what
[48:52] economy is going. And basically what happened is um during the this is when
[48:54] happened is um during the this is when the world trade centers came down. So
[48:56] the world trade centers came down. So Estee Lauder the the founder of of the
[48:59] Estee Lauder the the founder of of the company basically realized that even
[49:01] company basically realized that even though the market had a lot of
[49:04] though the market had a lot of fluctuations in it. It was down hugely
[49:06] fluctuations in it. It was down hugely from the World Trade Centers crashing.
[49:08] from the World Trade Centers crashing. Lipstick sales were up 11%. And actually
[49:11] Lipstick sales were up 11%. And actually a bunch of these like non-necessary
[49:13] a bunch of these like non-necessary cosmetics were up a ton. And so he
[49:15] cosmetics were up a ton. And so he started looking at why. And what they
[49:17] started looking at why. And what they realized is when the market really
[49:20] realized is when the market really crashes, you would think people would
[49:22] crashes, you would think people would pull back on things they don't need, but
[49:23] pull back on things they don't need, but what they actually do is they pull back
[49:25] what they actually do is they pull back on the big luxuries and they spend more
[49:27] on the big luxuries and they spend more on the tiny ones. So it might not be
[49:30] on the tiny ones. So it might not be that they go on vacation that year, but
[49:32] that they go on vacation that year, but it might be that they look a little
[49:33] it might be that they look a little prettier in the mirror every single day.
[49:35] prettier in the mirror every single day. And so I thought that was interesting
[49:37] And so I thought that was interesting because as we're thinking about
[49:38] because as we're thinking about recession, what are some of the
[49:39] recession, what are some of the indicators that nobody's watching today
[49:41] indicators that nobody's watching today that could tell us what's happening? And
[49:42] that could tell us what's happening? And so one of them is actually look at a
[49:44] so one of them is actually look at a spike in beauty products. You can also
[49:46] spike in beauty products. You can also see that by a spike of the people who
[49:47] see that by a spike of the people who are launching them are a lot of people
[49:49] are launching them are a lot of people continuing to buy which I thought was
[49:51] continuing to buy which I thought was kind of interesting
[49:51] kind of interesting >> which is happening right now.
[49:52] >> which is happening right now. >> Which is happening right now. Yeah.
[49:54] >> Which is happening right now. Yeah. >> And then you know the place I think that
[49:57] >> And then you know the place I think that this takes us is maybe a little bit more
[49:58] this takes us is maybe a little bit more on the dating side which is here's some
[50:01] on the dating side which is here's some like a little tough truth. It turns out
[50:03] like a little tough truth. It turns out if you want to make more money one of
[50:05] if you want to make more money one of the best things that you can do is find
[50:07] the best things that you can do is find a partner which is crazy. So married
[50:11] a partner which is crazy. So married couples make on average more than 30%
[50:14] couples make on average more than 30% more than non-married couples. Their net
[50:17] more than non-married couples. Their net worth is almost 3x someone who is single
[50:20] worth is almost 3x someone who is single over the course of their entire career.
[50:23] over the course of their entire career. And so I I bring this up not to shame
[50:25] And so I I bring this up not to shame anybody who hasn't found their partner.
[50:27] anybody who hasn't found their partner. I know what that's like when you feel
[50:29] I know what that's like when you feel like there's no options and you want to
[50:31] like there's no options and you want to find love but it's not around you. But
[50:33] find love but it's not around you. But why I do bring it up is because I think
[50:35] why I do bring it up is because I think it's something that we should really
[50:36] it's something that we should really prioritize. We should prioritize if we
[50:38] prioritize. We should prioritize if we care about making money and we should
[50:40] care about making money and we should prioritize if we care about love
[50:41] prioritize if we care about love certainly. And I think it's gotten a bad
[50:43] certainly. And I think it's gotten a bad rap. Marriage has a bad rap. You do an
[50:44] rap. Marriage has a bad rap. You do an incredible job of of showing the beauty
[50:46] incredible job of of showing the beauty that can be behind it while also being
[50:48] that can be behind it while also being like sometimes I hate her. Like I with
[50:50] like sometimes I hate her. Like I with my husband sometimes like oh you today
[50:52] my husband sometimes like oh you today really thank God I love you cuz I want
[50:53] really thank God I love you cuz I want to murder you. It's it's a real boon to
[50:57] to murder you. It's it's a real boon to your financial health. And so anybody
[50:59] your financial health. And so anybody that is around you that is saying I
[51:01] that is around you that is saying I don't need no man. I'd be better off
[51:03] don't need no man. I'd be better off without him. You know they're all toxic.
[51:06] without him. You know they're all toxic. Everybody else is a narcissist that I've
[51:08] Everybody else is a narcissist that I've dated. I kind of want to push on your
[51:10] dated. I kind of want to push on your frame a little bit and say, one, do you
[51:13] frame a little bit and say, one, do you think you attract things that you hate
[51:15] think you attract things that you hate on? Probably not. Two, there's a lot of
[51:17] on? Probably not. Two, there's a lot of reasons why you showing the stability
[51:19] reasons why you showing the stability for a partnership will lead to a more
[51:21] for a partnership will lead to a more stable life overall. And so, I thought
[51:23] stable life overall. And so, I thought that was that was fascinating.
[51:25] that was that was fascinating. >> The way I've always heard it is from
[51:26] >> The way I've always heard it is from actually men. So when I look at
[51:29] actually men. So when I look at successful men, going back to your
[51:31] successful men, going back to your earlier point of mentors,
[51:33] earlier point of mentors, any of the successful men that I've ever
[51:35] any of the successful men that I've ever been mentored by talked to me about
[51:37] been mentored by talked to me about having a onewoman life changed their
[51:40] having a onewoman life changed their career trajectory because they found
[51:42] career trajectory because they found that the less time they wasted on
[51:44] that the less time they wasted on chasing, pursuing, wooing women, the
[51:47] chasing, pursuing, wooing women, the more time they had to focus on their
[51:49] more time they had to focus on their career. So even from the other side, men
[51:52] career. So even from the other side, men who decide to commit to one woman have
[51:55] who decide to commit to one woman have more energy, more focus, more drive,
[51:57] more energy, more focus, more drive, more power to direct towards making
[51:59] more power to direct towards making money and building a business than they
[52:01] money and building a business than they do when they're trying to impress lots
[52:03] do when they're trying to impress lots of women or take care of lots of women.
[52:05] of women or take care of lots of women. Now, of course, there are exceptions.
[52:07] Now, of course, there are exceptions. There are people who become very
[52:08] There are people who become very successful without having a partner and
[52:11] successful without having a partner and whatever. They may have even put their
[52:12] whatever. They may have even put their love life on the back burner.
[52:14] love life on the back burner. >> Sure. But but men who were married were
[52:16] >> Sure. But but men who were married were just more who had that commitment in
[52:18] just more who had that commitment in their life,
[52:19] their life, >> which is wild. They say you're happier,
[52:20] >> which is wild. They say you're happier, too, and you guys live longer.
[52:22] too, and you guys live longer. >> Yeah.
[52:22] >> Yeah. >> We're like slightly less happy.
[52:23] >> We're like slightly less happy. >> You guys don't live as long as well,
[52:25] >> You guys don't live as long as well, right? Cuz you're dealing with a baby.
[52:27] right? Cuz you're dealing with a baby. It was funny. Yesterday, my wife said to
[52:29] It was funny. Yesterday, my wife said to me, cuz I must have said to her, "What I
[52:30] me, cuz I must have said to her, "What I want for dinner?" And she goes, "Well,
[52:32] want for dinner?" And she goes, "Well, this is great training to have a kid."
[52:34] this is great training to have a kid." And and I said to Yeah. She goes,
[52:35] And and I said to Yeah. She goes, "Husband's a great training to have a
[52:36] "Husband's a great training to have a kid." And I go, "Yeah, wife's a great
[52:38] kid." And I go, "Yeah, wife's a great training to have a teenager."
[52:40] training to have a teenager." And it was just like it was it was just
[52:42] And it was just like it was it was just this really funny moment where we were
[52:44] this really funny moment where we were bantering and I was like, "Yeah, you're
[52:45] bantering and I was like, "Yeah, you're like a teenager like like dealing with
[52:47] like a teenager like like dealing with emotions and all this stuff and you're
[52:48] emotions and all this stuff and you're dealing with my like baby needs of like,
[52:50] dealing with my like baby needs of like, hey, can you feed me?" You know,
[52:52] hey, can you feed me?" You know, >> it's very very true. I also think man,
[52:56] >> it's very very true. I also think man, if you're like I I talk more from the
[52:58] if you're like I I talk more from the women perspective just cuz I'm a I'm a
[52:59] women perspective just cuz I'm a I'm a chick and so I try to talk about only
[53:02] chick and so I try to talk about only things I know about. But, you know, from
[53:04] things I know about. But, you know, from a female perspective, there's a lot of
[53:07] a female perspective, there's a lot of things that I think are wrong in the way
[53:08] things that I think are wrong in the way we date with money.
[53:10] we date with money. >> Yeah, that's what I want to get into.
[53:11] >> Yeah, that's what I want to get into. Yeah.
[53:11] Yeah. >> Yeah. Like, for instance, you know,
[53:13] >> Yeah. Like, for instance, you know, increasingly, they say that 64% of women
[53:16] increasingly, they say that 64% of women will not date a man if he doesn't have
[53:19] will not date a man if he doesn't have the same income level or higher than
[53:21] the same income level or higher than her. For men, that actually in the
[53:24] her. For men, that actually in the studies at least does not seem to be the
[53:26] studies at least does not seem to be the case. They actually don't care about
[53:27] case. They actually don't care about income level. Well, problem there that
[53:30] income level. Well, problem there that more women are increasing their incomes
[53:32] more women are increasing their incomes and increasing their education levels
[53:34] and increasing their education levels than men are today. I think there's
[53:36] than men are today. I think there's something darker even than the 65 trust
[53:39] something darker even than the 65 trust fund blue eyes thing, which is we're
[53:42] fund blue eyes thing, which is we're prioritizing the thing that seems to not
[53:44] prioritizing the thing that seems to not lead to any increase in happiness.
[53:46] lead to any increase in happiness. Couples are no happier if they are the
[53:48] Couples are no happier if they are the same income level or higher or not. They
[53:51] same income level or higher or not. They aren't wealthier if they focus on that
[53:53] aren't wealthier if they focus on that than something else. And so from my
[53:55] than something else. And so from my perspective, I'm like, man, if you're a
[53:57] perspective, I'm like, man, if you're a woman today, you know, I don't give
[53:59] woman today, you know, I don't give dating advice, but the money seems to
[54:01] dating advice, but the money seems to show that that does not matter in a
[54:02] show that that does not matter in a relationship. You know, my husband is
[54:04] relationship. You know, my husband is amazing. And I was I already ran a
[54:06] amazing. And I was I already ran a business when I met him. He was a Navy
[54:08] business when I met him. He was a Navy Seal. The government doesn't pay very
[54:10] Seal. The government doesn't pay very much for that role. And so, he was just
[54:12] much for that role. And so, he was just playing a totally different game. He
[54:14] playing a totally different game. He didn't care about money actually at all.
[54:17] didn't care about money actually at all. He cared about service and he cared
[54:18] He cared about service and he cared about respect. That's what he wanted. He
[54:20] about respect. That's what he wanted. He wanted to do something that served and
[54:21] wanted to do something that served and he wanted to do something that commanded
[54:23] he wanted to do something that commanded respect. I in finance was not that much
[54:26] respect. I in finance was not that much serving you know but I was a lot money
[54:28] serving you know but I was a lot money and so when the two of us came together
[54:29] and so when the two of us came together it was really really powerful and so for
[54:31] it was really really powerful and so for for women today a lot of times when they
[54:32] for women today a lot of times when they ask me how do you you know how do you
[54:34] ask me how do you you know how do you find a partner what do you do if you
[54:35] find a partner what do you do if you make a lot of money and he doesn't like
[54:37] make a lot of money and he doesn't like find somebody who plays a different game
[54:38] find somebody who plays a different game because then you two can compliment did
[54:40] because then you two can compliment did you both play the same game were you
[54:42] you both play the same game were you both trying to grow and make money
[54:44] both trying to grow and make money >> no no so well Radhi's always been at
[54:46] >> no no so well Radhi's always been at peace she's always been at peace with
[54:48] peace she's always been at peace with who she is
[54:49] who she is >> what she has and her journey was more
[54:53] >> what she has and her journey was more kind I always talk about the aspect of
[54:55] kind I always talk about the aspect of what you mentioned of being surrounded
[54:56] what you mentioned of being surrounded by more people. So, we grew up in a
[54:58] by more people. So, we grew up in a culture where generally women in our
[55:01] culture where generally women in our community became housewives and took
[55:04] community became housewives and took care of the kids. That's majority of
[55:06] care of the kids. That's majority of what you'd see growing up where I grew
[55:08] what you'd see growing up where I grew up. Now, that's beautiful. There's
[55:10] up. Now, that's beautiful. There's nothing wrong with that and I'm not
[55:11] nothing wrong with that and I'm not judging it. What was interesting was
[55:13] judging it. What was interesting was when we moved to New York and then we
[55:15] when we moved to New York and then we moved to LA, Riley was surrounded by a
[55:17] moved to LA, Riley was surrounded by a lot of our female friends who were all
[55:19] lot of our female friends who were all founders, who built businesses, who've
[55:21] founders, who built businesses, who've achieved a lot of incredible things and
[55:23] achieved a lot of incredible things and they happen to be happy moms and happy
[55:25] they happen to be happy moms and happy wives as well. Rather being exposed to
[55:27] wives as well. Rather being exposed to them almost opened up to this idea of
[55:30] them almost opened up to this idea of what women could do, what women could
[55:32] what women could do, what women could achieve, what was possible. and she has
[55:35] achieve, what was possible. and she has just come into her own like when she
[55:37] just come into her own like when she launched her book last year for the
[55:38] launched her book last year for the first time when she launched her podcast
[55:40] first time when she launched her podcast last year when she's just been growing
[55:42] last year when she's just been growing and finding herself and I think she's
[55:44] and finding herself and I think she's really loved the journey. It's never
[55:46] really loved the journey. It's never been about growth. It's never been about
[55:48] been about growth. It's never been about conquering. It's never been about a
[55:50] conquering. It's never been about a destination. She just loves the fact she
[55:52] destination. She just loves the fact she can fully express herself and use her
[55:54] can fully express herself and use her skills to help people. I started with
[55:57] skills to help people. I started with the same thing. I never had financial
[55:59] the same thing. I never had financial goals. I never knew anyone who was that
[56:02] goals. I never knew anyone who was that financially successful. I just wanted to
[56:05] financially successful. I just wanted to find a way to help people. And then I
[56:07] find a way to help people. And then I realized you couldn't help people
[56:09] realized you couldn't help people full-time if you couldn't do this
[56:11] full-time if you couldn't do this full-time. So, you can have all the most
[56:13] full-time. So, you can have all the most noble reasons to do what you do. If you
[56:16] noble reasons to do what you do. If you can't pay yourself and pay people to
[56:18] can't pay yourself and pay people to help you do it, you're not going to do
[56:20] help you do it, you're not going to do it for that long. So, I had to rewire my
[56:22] it for that long. So, I had to rewire my relationship with money because I used
[56:25] relationship with money because I used to believe that if you were doing good
[56:26] to believe that if you were doing good in the world, you had to be poor.
[56:28] in the world, you had to be poor. >> Wow. And I had to completely shift my
[56:30] >> Wow. And I had to completely shift my relationship because I had to understand
[56:32] relationship because I had to understand that actually if I wanted to do bigger
[56:34] that actually if I wanted to do bigger good in the world, I needed money
[56:36] good in the world, I needed money because I needed bigger teams. I needed
[56:38] because I needed bigger teams. I needed bigger opportunities. I needed bigger
[56:40] bigger opportunities. I needed bigger relationships and the rules of the game
[56:43] relationships and the rules of the game are money gives access to that. I come
[56:45] are money gives access to that. I come from a Latino culture and so money was
[56:47] from a Latino culture and so money was never really bad. It was bad to talk
[56:50] never really bad. It was bad to talk about it. You couldn't really talk about
[56:51] about it. You couldn't really talk about money and it was bad to maybe have too
[56:53] money and it was bad to maybe have too too much of it that was like, oh,
[56:55] too much of it that was like, oh, they're really rich so how'd they get
[56:56] they're really rich so how'd they get there?
[56:57] there? >> Same, you know? very similar.
[56:59] >> Same, you know? very similar. >> Yeah. But uh my dad, which I'm so
[57:02] >> Yeah. But uh my dad, which I'm so grateful and if I have kids, I hope I
[57:04] grateful and if I have kids, I hope I can do the same thing. You know, if you
[57:05] can do the same thing. You know, if you want to be a good father to a daughter
[57:07] want to be a good father to a daughter and you want your daughter to be really
[57:08] and you want your daughter to be really confident and have a ton of of
[57:10] confident and have a ton of of optionality, I'd model after my father.
[57:12] optionality, I'd model after my father. And and what he always said is, well,
[57:14] And and what he always said is, well, you could be a princess or you could
[57:16] you could be a princess or you could also be the president. You know, you
[57:17] also be the president. You know, you choose.
[57:18] choose. >> And uh and then he's very cute. And and
[57:21] >> And uh and then he's very cute. And and he also really taught me that money is a
[57:24] he also really taught me that money is a moral. It doesn't care. It is a tool. A
[57:27] moral. It doesn't care. It is a tool. A hammer is not good or bad except how you
[57:29] hammer is not good or bad except how you use it. You could use a hammer for
[57:31] use it. You could use a hammer for really good to build something. You
[57:32] really good to build something. You could use a hammer for murder. Same with
[57:33] could use a hammer for murder. Same with money. And so I had to I came to the
[57:35] money. And so I had to I came to the terms with money in this way because I
[57:38] terms with money in this way because I think that money is an accelerator to
[57:39] think that money is an accelerator to whatever is inside of you. So if you are
[57:42] whatever is inside of you. So if you are not a great person and you want to do
[57:43] not a great person and you want to do bad things in the world, money is really
[57:45] bad things in the world, money is really bad to be in your hands. If you are a
[57:47] bad to be in your hands. If you are a good person and you want to do good in
[57:48] good person and you want to do good in the world, money is really good to have
[57:50] the world, money is really good to have in your hands. And as long as you can
[57:52] in your hands. And as long as you can stay true to that thing inside of you,
[57:54] stay true to that thing inside of you, then money is actually just an ability
[57:56] then money is actually just an ability for you to build the world that you want
[57:57] for you to build the world that you want as opposed to live in somebody else's.
[57:59] as opposed to live in somebody else's. You know, I watched my brother kind of
[58:00] You know, I watched my brother kind of go through this cuz he's never cared
[58:02] go through this cuz he's never cared really about money or success. I mean,
[58:04] really about money or success. I mean, he got married last weekend and at his
[58:08] he got married last weekend and at his Thanks. I'm really excited for him.
[58:09] Thanks. I'm really excited for him. She's amazing, too. And he said in his
[58:12] She's amazing, too. And he said in his speech, he's like, "Before I met Athena,
[58:14] speech, he's like, "Before I met Athena, I used to think that I wanted to just
[58:16] I used to think that I wanted to just kind of post up on a beach somewhere,
[58:18] kind of post up on a beach somewhere, drink beers. Like, I didn't really want
[58:19] drink beers. Like, I didn't really want to build very much out of life. if I
[58:21] to build very much out of life. if I wanted to just chill. And I never heard
[58:22] wanted to just chill. And I never heard him say that out loud before. He said,
[58:24] him say that out loud before. He said, "But then I met Athena and now that's
[58:26] "But then I met Athena and now that's not enough. Now I want to build
[58:28] not enough. Now I want to build something. I want to build for her. I
[58:29] something. I want to build for her. I want to build for our kids." And I just
[58:31] want to build for our kids." And I just watched him like turn into a little man,
[58:33] watched him like turn into a little man, you know, in front of me, which was
[58:34] you know, in front of me, which was incredible. And then also realize like
[58:37] incredible. And then also realize like you're made for more.
[58:38] you're made for more. >> But he is he sounds to me like what Rody
[58:40] >> But he is he sounds to me like what Rody sounds like to you, which is he has
[58:42] sounds like to you, which is he has always been very comfortable as him. He
[58:44] always been very comfortable as him. He is the most himh human I've ever met.
[58:47] is the most himh human I've ever met. You couldn't really peer pressure him
[58:48] You couldn't really peer pressure him into anything. And um and I have a lot
[58:51] into anything. And um and I have a lot of respect for people that have that
[58:52] of respect for people that have that kind of peace.
[58:53] kind of peace. >> Yeah, it's really special. I want I want
[58:55] >> Yeah, it's really special. I want I want to go back into this and I know I'm not
[58:57] to go back into this and I know I'm not asking for dating advice. I'm asking for
[58:58] asking for dating advice. I'm asking for money advice, which I think they go so
[59:01] money advice, which I think they go so closely together now. And I love where
[59:03] closely together now. And I love where we started off, but there's so many
[59:04] we started off, but there's so many things to kind of unpack with that. Who
[59:06] things to kind of unpack with that. Who should pay on the first date? Men or
[59:08] should pay on the first date? Men or women?
[59:08] women? >> In my opinion,
[59:10] >> In my opinion, I think the person who asks for the date
[59:13] I think the person who asks for the date pays.
[59:14] pays. >> I agree.
[59:15] >> I agree. >> Yep. Men versus women. Woman, if you're
[59:17] >> Yep. Men versus women. Woman, if you're going to ask them out on a date, I think
[59:18] going to ask them out on a date, I think the expectation is at least offer.
[59:21] the expectation is at least offer. >> Men, if you're going to ask somebody out
[59:22] >> Men, if you're going to ask somebody out on the date, I think the expectation is
[59:24] on the date, I think the expectation is do it.
[59:25] do it. >> I tend to be a traditionalist in some
[59:26] >> I tend to be a traditionalist in some ways. I think sort of a a highv value
[59:29] ways. I think sort of a a highv value man wants to support and protect his
[59:32] man wants to support and protect his woman. Doesn't always have to be
[59:33] woman. Doesn't always have to be financially, but in some way, shape, or
[59:35] financially, but in some way, shape, or form. And a high value uh woman wants to
[59:38] form. And a high value uh woman wants to do the same thing for her man, but
[59:39] do the same thing for her man, but probably can't protect him as much.
[59:41] probably can't protect him as much. Like, that's just that's just our
[59:42] Like, that's just that's just our physiology, right? And so, that would be
[59:45] physiology, right? And so, that would be my gut reaction. Now, if it's up to me,
[59:46] my gut reaction. Now, if it's up to me, I remember back in the day, I did get
[59:49] I remember back in the day, I did get asked on a date once and they didn't
[59:51] asked on a date once and they didn't pay. And it was such a huge turnoff for
[59:54] pay. And it was such a huge turnoff for me. We we stayed friends, but I was like
[59:56] me. We we stayed friends, but I was like immediate unsubscribe. We're never
[59:58] immediate unsubscribe. We're never dating. And so, it's tough to be a man
[01:00:01] dating. And so, it's tough to be a man in in that case in some way today. But
[01:00:03] in in that case in some way today. But if you were going to date somebody like
[01:00:05] if you were going to date somebody like me, I would expect you to at least offer
[01:00:08] me, I would expect you to at least offer if you ask. Yeah.
[01:00:09] if you ask. Yeah. >> What do you think?
[01:00:10] >> What do you think? >> I think so. I agree with you. The person
[01:00:12] >> I think so. I agree with you. The person who asks, the person out on the day
[01:00:13] who asks, the person out on the day should pay.
[01:00:14] should pay. >> Yeah. Yeah.
[01:00:14] >> Yeah. Yeah. >> And this wasn't to get you into trouble.
[01:00:16] >> And this wasn't to get you into trouble. I think it's a real discussion because I
[01:00:18] I think it's a real discussion because I think that's what people do. How you
[01:00:20] think that's what people do. How you just said,
[01:00:21] just said, >> "Hey, if he didn't pay, he's out."
[01:00:23] >> "Hey, if he didn't pay, he's out." >> By the way, and I come from I was raised
[01:00:26] >> By the way, and I come from I was raised by my mom. I have a younger sister. So,
[01:00:28] by my mom. I have a younger sister. So, I come from a very like I'll do it. I'll
[01:00:30] I come from a very like I'll do it. I'll take care of it kind of background. And
[01:00:32] take care of it kind of background. And I did when me and Radi first started
[01:00:34] I did when me and Radi first started dating. I used to actually tutor
[01:00:37] dating. I used to actually tutor students for their college and 11 plus
[01:00:39] students for their college and 11 plus exams to make enough money to take Radi
[01:00:41] exams to make enough money to take Radi out on a date to make like 20 an hour
[01:00:45] out on a date to make like 20 an hour because I didn't have any money when we
[01:00:46] because I didn't have any money when we met
[01:00:47] met >> and and that's how I'd pay for stuff.
[01:00:49] >> and and that's how I'd pay for stuff. >> I think a lot of men feel yes, I'll do
[01:00:51] >> I think a lot of men feel yes, I'll do that once we have some commitment like
[01:00:54] that once we have some commitment like once we're going somewhere today. Like I
[01:00:57] once we're going somewhere today. Like I feel like men are like well why would I
[01:00:58] feel like men are like well why would I do that if we're both figuring this out?
[01:01:00] do that if we're both figuring this out? Like I would do that once we both say
[01:01:02] Like I would do that once we both say hey we're exclusive. we're boyfriend and
[01:01:04] hey we're exclusive. we're boyfriend and girlfriend, we're in a committed
[01:01:05] girlfriend, we're in a committed relationship, like this is going
[01:01:06] relationship, like this is going somewhere. But if it's like our first or
[01:01:07] somewhere. But if it's like our first or second date or third date and we don't
[01:01:09] second date or third date and we don't really even know each other, then I kind
[01:01:11] really even know each other, then I kind of want you to come and meet me hot
[01:01:13] of want you to come and meet me hot middle because that's what we're trying
[01:01:15] middle because that's what we're trying to build. I mean, I can't imagine I've
[01:01:17] to build. I mean, I can't imagine I've ever been on a date where I didn't ask
[01:01:18] ever been on a date where I didn't ask to split it. At least I think I would
[01:01:21] to split it. At least I think I would feel weird if you asked to, you know,
[01:01:23] feel weird if you asked to, you know, Yeah, you pick it up all the way. That's
[01:01:24] Yeah, you pick it up all the way. That's a signal.
[01:01:25] a signal. >> Yeah, that's definitely a signal.
[01:01:26] >> Yeah, that's definitely a signal. >> That's a signal. It's an opt out. But
[01:01:28] >> That's a signal. It's an opt out. But you know men hey it's a byproduct of the
[01:01:30] you know men hey it's a byproduct of the fact that we have for the first time in
[01:01:34] fact that we have for the first time in our let's call it the last 200 years
[01:01:37] our let's call it the last 200 years probably of human existence men and
[01:01:40] probably of human existence men and women are competing for the same thing.
[01:01:42] women are competing for the same thing. This has never really existed before. I
[01:01:44] This has never really existed before. I mean my parents were the first
[01:01:46] mean my parents were the first generation where this started. My
[01:01:48] generation where this started. My grandparents that was not an option. So
[01:01:50] grandparents that was not an option. So we have to be honest about the fact that
[01:01:51] we have to be honest about the fact that today men and women they are competing
[01:01:53] today men and women they are competing for jobs. They are competing for
[01:01:55] for jobs. They are competing for education spots. They are competing for
[01:01:57] education spots. They are competing for relevancy. They're competing for being
[01:01:58] relevancy. They're competing for being heard places. I mean, heck, in some
[01:02:00] heard places. I mean, heck, in some ways, they're even competing for like
[01:02:02] ways, they're even competing for like necessity to procreate with all of the
[01:02:04] necessity to procreate with all of the modern medicine that's happening. And
[01:02:06] modern medicine that's happening. And so, there are going to be rippling side
[01:02:08] so, there are going to be rippling side effects from this that I can't even
[01:02:10] effects from this that I can't even imagine. And one of them is that when we
[01:02:13] imagine. And one of them is that when we say we want to be equal as women, well,
[01:02:16] say we want to be equal as women, well, then we should think about what that
[01:02:17] then we should think about what that means. And so, I think young men today
[01:02:19] means. And so, I think young men today are very right to say, hey, you know,
[01:02:23] are very right to say, hey, you know, it's we're equal in every way. It's a
[01:02:25] it's we're equal in every way. It's a partnership between the two of us. So, I
[01:02:27] partnership between the two of us. So, I don't believe that we are partners yet.
[01:02:29] don't believe that we are partners yet. IPSO facto. Let's split. Yeah.
[01:02:32] IPSO facto. Let's split. Yeah. >> And I think in life, Chris and I always
[01:02:34] >> And I think in life, Chris and I always have a saying, which is, do you want to
[01:02:35] have a saying, which is, do you want to be right or do you want to win?
[01:02:37] be right or do you want to win? >> And so, my thought is if you're a young
[01:02:39] >> And so, my thought is if you're a young man
[01:02:40] man >> and you are pursuing a woman that you
[01:02:42] >> and you are pursuing a woman that you really like or think you might like, do
[01:02:44] really like or think you might like, do you want to be right or do you want to
[01:02:45] you want to be right or do you want to win? Do you want to be right in society
[01:02:47] win? Do you want to be right in society that yes, she should have split the
[01:02:48] that yes, she should have split the bill, but now you have to talk her back
[01:02:50] bill, but now you have to talk her back into a second date. Okay, fine. Then go
[01:02:52] into a second date. Okay, fine. Then go that way. If you're a young woman and
[01:02:53] that way. If you're a young woman and you really like the guy and he is more
[01:02:56] you really like the guy and he is more comfortable with this, do you want to be
[01:02:57] comfortable with this, do you want to be right or do you want to win? Split the
[01:02:58] right or do you want to win? Split the bill and then tell him at some point,
[01:03:00] bill and then tell him at some point, hey, you know, if we're committed to
[01:03:02] hey, you know, if we're committed to each other, this is important to me. Can
[01:03:03] each other, this is important to me. Can we negotiate it between the two of us?
[01:03:05] we negotiate it between the two of us? >> We're so busy these days pointing
[01:03:07] >> We're so busy these days pointing fingers at what's right as opposed to
[01:03:09] fingers at what's right as opposed to saying what do I want and then so what
[01:03:11] saying what do I want and then so what action am I going to take to get there?
[01:03:13] action am I going to take to get there? >> Yeah.
[01:03:13] >> Yeah. >> In a world in which a lot of guys split
[01:03:15] >> In a world in which a lot of guys split bills, if you have a hard time getting
[01:03:17] bills, if you have a hard time getting chicks,
[01:03:18] chicks, >> be a pretty big upside if you can pick
[01:03:20] >> be a pretty big upside if you can pick up the bill, right? And if you're a
[01:03:22] up the bill, right? And if you're a woman that can't find a man, maybe you
[01:03:24] woman that can't find a man, maybe you show the man that you're a true partner
[01:03:26] show the man that you're a true partner and like even if he offers, you say, "I
[01:03:28] and like even if he offers, you say, "I really would like to split it. Would
[01:03:29] really would like to split it. Would that make you feel comfortable? I want
[01:03:30] that make you feel comfortable? I want you to know that in partnership I I
[01:03:33] you to know that in partnership I I believe in being there for my man."
[01:03:34] believe in being there for my man." Neither of those are wrong. They just
[01:03:36] Neither of those are wrong. They just might help you win.
[01:03:37] might help you win. >> Definitely. I love that. Right. And
[01:03:38] >> Definitely. I love that. Right. And winning. There's a Did you watch that
[01:03:40] winning. There's a Did you watch that movie Fair Play?
[01:03:41] movie Fair Play? >> No.
[01:03:41] >> No. >> Okay. So, there was a movie last year. I
[01:03:43] >> Okay. So, there was a movie last year. I don't think a lot of people saw it. It
[01:03:44] don't think a lot of people saw it. It was kind of like an I think I don't know
[01:03:46] was kind of like an I think I don't know if it was a true indie, but it it wasn't
[01:03:48] if it was a true indie, but it it wasn't it was on Netflix, but I don't think it
[01:03:50] it was on Netflix, but I don't think it was hugely popular,
[01:03:51] was hugely popular, >> but it was a dark take on a couple who
[01:03:56] >> but it was a dark take on a couple who were both vying for the same job in a
[01:03:58] were both vying for the same job in a company. It's really good. Like it it
[01:04:01] company. It's really good. Like it it shows it's definitely dark and it's
[01:04:03] shows it's definitely dark and it's definitely extreme.
[01:04:04] definitely extreme. >> Yeah. But it just shows the envy, the
[01:04:07] >> Yeah. But it just shows the envy, the competition, the how the gender roles
[01:04:10] competition, the how the gender roles have changed, the expectations, women
[01:04:12] have changed, the expectations, women being more talented and educated and,
[01:04:14] being more talented and educated and, you know, it's it's such a good social
[01:04:16] you know, it's it's such a good social commentary on where we're at. I I wonder
[01:04:19] commentary on where we're at. I I wonder how have you found it because I meet a
[01:04:22] how have you found it because I meet a lot of ambitious young women who want to
[01:04:25] lot of ambitious young women who want to do really, really well and they seem to
[01:04:27] do really, really well and they seem to intimidate men today. And I look at that
[01:04:29] intimidate men today. And I look at that from the men's perspective and I
[01:04:30] from the men's perspective and I understand that it's new for men. A lot
[01:04:32] understand that it's new for men. A lot of men feel left behind. They've
[01:04:34] of men feel left behind. They've inherited the pain of the men who came
[01:04:37] inherited the pain of the men who came before them who've abused power or used
[01:04:40] before them who've abused power or used it wrongly.
[01:04:42] it wrongly. If if a woman's ambitious right now, how
[01:04:44] If if a woman's ambitious right now, how does she continue to be ambitious and
[01:04:45] does she continue to be ambitious and still find a man that gets that and
[01:04:48] still find a man that gets that and respects that from a financial point of
[01:04:50] respects that from a financial point of view?
[01:04:50] view? >> Yeah. The hard truth that I found as a
[01:04:53] >> Yeah. The hard truth that I found as a woman who you could say is hard charging
[01:04:55] woman who you could say is hard charging is that you can't play a man's game and
[01:04:58] is that you can't play a man's game and win in this society. And and I'm not
[01:05:00] win in this society. And and I'm not sure we should. And so what do I mean by
[01:05:02] sure we should. And so what do I mean by that? I mean that men are push push push
[01:05:06] that? I mean that men are push push push aggressive our even our physiology right
[01:05:08] aggressive our even our physiology right one is receiving and one is certainly
[01:05:11] one is receiving and one is certainly giving and so today I think if you are a
[01:05:14] giving and so today I think if you are a young woman who's really hard charging
[01:05:16] young woman who's really hard charging you have to think about are you being
[01:05:18] you have to think about are you being ambitious and intimidating or are you
[01:05:21] ambitious and intimidating or are you being kind of a and I think a lot
[01:05:23] being kind of a and I think a lot of times because we've had we felt like
[01:05:25] of times because we've had we felt like we have to stand up we have to push for
[01:05:27] we have to stand up we have to push for oursel we're actually just not being
[01:05:29] oursel we're actually just not being that nice
[01:05:30] that nice >> as women and and it's that you know you
[01:05:32] >> as women and and it's that you know you you can go get a girl and you don't need
[01:05:34] you can go get a girl and you don't need a man and he's not listening to you and
[01:05:37] a man and he's not listening to you and you know blah blah blah. That energy is
[01:05:39] you know blah blah blah. That energy is really negative. Men don't need that.
[01:05:41] really negative. Men don't need that. The two women that I that I know that
[01:05:43] The two women that I that I know that are lovely and they're single and you
[01:05:46] are lovely and they're single and you know everybody I know tells them all the
[01:05:47] know everybody I know tells them all the time, can't believe you're single, you
[01:05:49] time, can't believe you're single, you shouldn't be single. But what do they
[01:05:50] shouldn't be single. But what do they say often? One of them who I adore and
[01:05:52] say often? One of them who I adore and I'm kind of have given her my opinion on
[01:05:54] I'm kind of have given her my opinion on this but she says all the time, well I
[01:05:57] this but she says all the time, well I don't want to like mother anymore men. I
[01:05:59] don't want to like mother anymore men. I don't want to mother them. like you know
[01:06:00] don't want to mother them. like you know what all these boys like well if you
[01:06:02] what all these boys like well if you keep calling them that then that is what
[01:06:04] keep calling them that then that is what they will be and so you've got to be
[01:06:07] they will be and so you've got to be really careful about not deasculating
[01:06:09] really careful about not deasculating men and you've got to be really careful
[01:06:11] men and you've got to be really careful about making sure that they care about
[01:06:12] about making sure that they care about the two things they care about more than
[01:06:14] the two things they care about more than women do which is which is they care
[01:06:15] women do which is which is they care about respect and you know women really
[01:06:18] about respect and you know women really we want to be loved you guys want to be
[01:06:19] we want to be loved you guys want to be respected right like by and large gross
[01:06:21] respected right like by and large gross generalization and so in driving
[01:06:23] generalization and so in driving businesses I have to remember that all
[01:06:24] businesses I have to remember that all the time I employ men I just had a
[01:06:26] the time I employ men I just had a conversation right before this where I
[01:06:28] conversation right before this where I steamrolled somebody I totally owned the
[01:06:30] steamrolled somebody I totally owned the entire meeting. I just kept talking and
[01:06:34] entire meeting. I just kept talking and I was really aggressive and I lectured a
[01:06:36] I was really aggressive and I lectured a little bit in the meeting. And
[01:06:38] little bit in the meeting. And thankfully my uh person in this
[01:06:40] thankfully my uh person in this situation was like, "Hey, by the way,
[01:06:42] situation was like, "Hey, by the way, that felt a little bit like a lecture.
[01:06:44] that felt a little bit like a lecture. It felt like they needed to be heard,
[01:06:46] It felt like they needed to be heard, not pushed so much." And I was like,
[01:06:48] not pushed so much." And I was like, "God, you're right." And that's when
[01:06:50] "God, you're right." And that's when like the negative feminine shows up in
[01:06:52] like the negative feminine shows up in my mind is when we think, "Let me just
[01:06:54] my mind is when we think, "Let me just keep going. I'm going to pound on this."
[01:06:57] keep going. I'm going to pound on this." So I would push back on the negative.
[01:06:58] So I would push back on the negative. Are you really intimidating men or are
[01:07:00] Are you really intimidating men or are you being mean? And I think often we are
[01:07:04] you being mean? And I think often we are being a little mean. And so we need to
[01:07:06] being a little mean. And so we need to pull that back. Not all men want to
[01:07:08] pull that back. Not all men want to dominate you. You know, a lot of men are
[01:07:10] dominate you. You know, a lot of men are the best mentors I've ever had.
[01:07:12] the best mentors I've ever had. >> Yeah. And and it's that it's that hard
[01:07:14] >> Yeah. And and it's that it's that hard part for women because men for so long
[01:07:17] part for women because men for so long have gotten away with pounding the
[01:07:18] have gotten away with pounding the payment, right? So like if a man behaved
[01:07:20] payment, right? So like if a man behaved there in a meeting, would he get the
[01:07:21] there in a meeting, would he get the same feedback? Absolutely. Absolutely
[01:07:23] same feedback? Absolutely. Absolutely not.
[01:07:24] not. >> He he'd just be told that's normal and
[01:07:26] >> He he'd just be told that's normal and he'd get away with it and he'd move on.
[01:07:28] he'd get away with it and he'd move on. And so it's almost what people expect of
[01:07:30] And so it's almost what people expect of you and it shouldn't be based on gender.
[01:07:32] you and it shouldn't be based on gender. It should be based on your demeanor.
[01:07:34] It should be based on your demeanor. Like for example, I'm not someone who
[01:07:37] Like for example, I'm not someone who gets angry or shouts at people or it's
[01:07:39] gets angry or shouts at people or it's just not who I am.
[01:07:40] just not who I am. >> So if I did it, it would be so out of
[01:07:42] >> So if I did it, it would be so out of character that I think someone would
[01:07:44] character that I think someone would cry. You know, it's like you think the
[01:07:46] cry. You know, it's like you think the person who shouts to you every day makes
[01:07:47] person who shouts to you every day makes you cry. No, no, no. It's the person
[01:07:48] you cry. No, no, no. It's the person who's really silent and calm that if
[01:07:51] who's really silent and calm that if they lost it, you'd be heartbroken
[01:07:53] they lost it, you'd be heartbroken because you don't expect it from them.
[01:07:55] because you don't expect it from them. And I think this all gets difficult when
[01:07:57] And I think this all gets difficult when we're talking about money because money
[01:08:01] we're talking about money because money creates power dynamics. It creates,
[01:08:03] creates power dynamics. It creates, especially in couples, it creates power
[01:08:06] especially in couples, it creates power dynamics in families. I mean, the amount
[01:08:08] dynamics in families. I mean, the amount of friends I've had recently who've both
[01:08:10] of friends I've had recently who've both men and women have had to ask their
[01:08:12] men and women have had to ask their partner to sign a prenup before they get
[01:08:15] partner to sign a prenup before they get married. And it's been really
[01:08:16] married. And it's been really uncomfortable. Yeah.
[01:08:17] uncomfortable. Yeah. >> Because you hope that we love each other
[01:08:19] >> Because you hope that we love each other and that we wouldn't ever have to do
[01:08:20] and that we wouldn't ever have to do that. And my friends have talked to me
[01:08:22] that. And my friends have talked to me that's really hard. What's your take on
[01:08:24] that's really hard. What's your take on people having to sign a prenup before
[01:08:25] people having to sign a prenup before they get married?
[01:08:26] they get married? >> I think you should always sign a prenup
[01:08:28] >> I think you should always sign a prenup before you get married.
[01:08:29] before you get married. >> Wow.
[01:08:29] >> Wow. >> I think you should have every hard
[01:08:31] >> I think you should have every hard conversation that you need to have
[01:08:33] conversation that you need to have upfront and that is just another hard
[01:08:35] upfront and that is just another hard conversation. You know what a prenup
[01:08:37] conversation. You know what a prenup will tell you before you get married is
[01:08:40] will tell you before you get married is do you guys have the same vision for
[01:08:41] do you guys have the same vision for life? Do you guys care about the same
[01:08:43] life? Do you guys care about the same things? How do you handle conflict
[01:08:45] things? How do you handle conflict between the two of you? Can you guys
[01:08:46] between the two of you? Can you guys compromise on the important part? So
[01:08:48] compromise on the important part? So even if it's not about the money, like
[01:08:50] even if it's not about the money, like your bank account is a reflection of how
[01:08:53] your bank account is a reflection of how willing you are to have difficult
[01:08:54] willing you are to have difficult conversations. The more you delay and
[01:08:56] conversations. The more you delay and the more you don't have, the less money
[01:08:58] the more you don't have, the less money you'll have. And I think a prenup is a
[01:09:00] you'll have. And I think a prenup is a perfect example. You can take it as a
[01:09:02] perfect example. You can take it as a victim and say, "If he's asking me for a
[01:09:04] victim and say, "If he's asking me for a prenup, that means that he does not want
[01:09:06] prenup, that means that he does not want to stay with me or she does not want to
[01:09:07] to stay with me or she does not want to stay with me." Or you could say, "This
[01:09:09] stay with me." Or you could say, "This is an opportunity for us to determine
[01:09:12] is an opportunity for us to determine what our life will look like together
[01:09:14] what our life will look like together and what is his and what is mine and
[01:09:16] and what is his and what is mine and what is ours together." And so I am a
[01:09:18] what is ours together." And so I am a big proponent of get that print up on
[01:09:19] big proponent of get that print up on either side. Get real clear on your
[01:09:21] either side. Get real clear on your finances and have a crucial conversation
[01:09:24] finances and have a crucial conversation upfront. Now that said, I really try to
[01:09:28] upfront. Now that said, I really try to never give like individualized
[01:09:29] never give like individualized one-on-one advice. I'm sure you're kind
[01:09:31] one-on-one advice. I'm sure you're kind of the same. So it's like here's the big
[01:09:33] of the same. So it's like here's the big giant you. But you know, when my brother
[01:09:35] giant you. But you know, when my brother and and new sister-in-law came to me,
[01:09:37] and and new sister-in-law came to me, they were like, should you once you get
[01:09:39] they were like, should you once you get married, should you have a joint bank
[01:09:40] married, should you have a joint bank account or should you have a separate
[01:09:42] account or should you have a separate bank account? I said, "You should have a
[01:09:44] bank account? I said, "You should have a hard talk first and you should ask each
[01:09:48] hard talk first and you should ask each other why you want each separate segment
[01:09:51] other why you want each separate segment because what is the real conversation
[01:09:53] because what is the real conversation you're having? It's do I trust your
[01:09:55] you're having? It's do I trust your spending? Are we going to communicate
[01:09:56] spending? Are we going to communicate well? Are you going to put me in a weird
[01:09:58] well? Are you going to put me in a weird situation? Are you going to tell me I
[01:10:00] situation? Are you going to tell me I can't do something? I'm an adult. Don't
[01:10:01] can't do something? I'm an adult. Don't tell me what I can't do." And so, it's
[01:10:03] tell me what I can't do." And so, it's not really about money. It's about can
[01:10:05] not really about money. It's about can you get on the same page? Oh, yes.
[01:10:07] you get on the same page? Oh, yes. >> And so, forget the bank account, right?
[01:10:08] >> And so, forget the bank account, right? It's really can you have a hard
[01:10:09] It's really can you have a hard conversation? And there's no right or
[01:10:12] conversation? And there's no right or wrong in my opinion. Some people say
[01:10:14] wrong in my opinion. Some people say they still Venmo each other, their
[01:10:16] they still Venmo each other, their partners back and forth. And they're
[01:10:17] partners back and forth. And they're like, "That's awful. How could you do
[01:10:19] like, "That's awful. How could you do that?" That is up to you. A lot of my
[01:10:22] that?" That is up to you. A lot of my like, you know, big friends in finance
[01:10:24] like, you know, big friends in finance would say if you get married, you have a
[01:10:26] would say if you get married, you have a joint bank account. That's what you do.
[01:10:28] joint bank account. That's what you do. And I would say even having a joint bank
[01:10:30] And I would say even having a joint bank account can be hugely problematic if
[01:10:32] account can be hugely problematic if you're not willing to talk about it.
[01:10:33] you're not willing to talk about it. >> Absolutely. No, I love how practical
[01:10:34] >> Absolutely. No, I love how practical that gets. And I I love how practical
[01:10:36] that gets. And I I love how practical you always get because that is what
[01:10:37] you always get because that is what people are dealing with. And you're
[01:10:39] people are dealing with. And you're right, it's not about money. It's about
[01:10:40] right, it's not about money. It's about power. It's about agency. It's about
[01:10:43] power. It's about agency. It's about accountability. It's about all these
[01:10:44] accountability. It's about all these other things. But money becomes the
[01:10:47] other things. But money becomes the central point of conflict. And you're
[01:10:49] central point of conflict. And you're right, just because you have a joint
[01:10:50] right, just because you have a joint bank account doesn't mean you have
[01:10:51] bank account doesn't mean you have better compatibility. That that means
[01:10:53] better compatibility. That that means nothing if you haven't had the hard
[01:10:55] nothing if you haven't had the hard conversation.
[01:10:56] conversation. >> Yeah.
[01:10:56] >> Yeah. >> And I think having the hard conversation
[01:10:59] >> And I think having the hard conversation early about money and expectations is so
[01:11:02] early about money and expectations is so important. Going back to your earlier
[01:11:04] important. Going back to your earlier point, which I was thinking about that
[01:11:05] point, which I was thinking about that idea that it's really important how
[01:11:08] idea that it's really important how married couples end up making more
[01:11:09] married couples end up making more money. I found a lot of people recently
[01:11:12] money. I found a lot of people recently looking for a business partner, not a
[01:11:14] looking for a business partner, not a partner.
[01:11:15] partner. >> So like when they're looking for someone
[01:11:16] >> So like when they're looking for someone to be with, they're kind of seeing, will
[01:11:19] to be with, they're kind of seeing, will this person help me build my business,
[01:11:22] this person help me build my business, which is a really interesting, you know,
[01:11:25] which is a really interesting, you know, difference to what love is. What's your
[01:11:27] difference to what love is. What's your take on finding a partner or a business
[01:11:29] take on finding a partner or a business partner?
[01:11:29] partner? >> That's fascinating. Well, I mean, isn't
[01:11:31] >> That's fascinating. Well, I mean, isn't it funny how everything just comes full
[01:11:33] it funny how everything just comes full circle? So, if we think about the
[01:11:34] circle? So, if we think about the original contract of marriage, it was
[01:11:37] original contract of marriage, it was business. It was can your family further
[01:11:39] business. It was can your family further my family and we will come into
[01:11:41] my family and we will come into contractual agreement one way or the
[01:11:43] contractual agreement one way or the other. It was that way in in India, in
[01:11:45] other. It was that way in in India, in the UK. It was that way here in the US.
[01:11:47] the UK. It was that way here in the US. And so, that used marriage was a
[01:11:48] And so, that used marriage was a business contract. And in some ways, it
[01:11:50] business contract. And in some ways, it still really is because it's a
[01:11:51] still really is because it's a government contract. And so, and then
[01:11:53] government contract. And so, and then for a long time, well, not that long
[01:11:55] for a long time, well, not that long really, what, a generation or two, it
[01:11:57] really, what, a generation or two, it became love. It was about love only.
[01:12:00] became love. It was about love only. That's actually a new construct. And so
[01:12:02] That's actually a new construct. And so I think it's interesting. It's coming
[01:12:03] I think it's interesting. It's coming back to this idea of partnership. Now, I
[01:12:05] back to this idea of partnership. Now, I have a personal bias. I think that you
[01:12:07] have a personal bias. I think that you should marry somebody if you believe
[01:12:09] should marry somebody if you believe that they will help get you out of a
[01:12:10] that they will help get you out of a third world prison when you get
[01:12:12] third world prison when you get imprisoned. You know, I is this going to
[01:12:14] imprisoned. You know, I is this going to be your person who will save you in your
[01:12:16] be your person who will save you in your times of difficulty? That's to me what a
[01:12:19] times of difficulty? That's to me what a good partnership is. It's I trust this
[01:12:21] good partnership is. It's I trust this human with my life implicitly and I want
[01:12:23] human with my life implicitly and I want to build with them. Yes, I love them,
[01:12:25] to build with them. Yes, I love them, but it's it's not this like, oh, this
[01:12:28] but it's it's not this like, oh, this this victimized like I love them even if
[01:12:30] this victimized like I love them even if they beat me and if it if the world, you
[01:12:32] they beat me and if it if the world, you know, ends and and some of the things we
[01:12:34] know, ends and and some of the things we see in in books today, it's like, no, is
[01:12:37] see in in books today, it's like, no, is this my chosen human human who we're
[01:12:38] this my chosen human human who we're going to go through time together and I
[01:12:40] going to go through time together and I trust their ability and who they are.
[01:12:43] trust their ability and who they are. >> So, that's for me personally. The flip
[01:12:45] >> So, that's for me personally. The flip side of that is it's really hard
[01:12:48] side of that is it's really hard >> working with your spouse. We both do it
[01:12:50] >> working with your spouse. We both do it in many ways. My husband runs uh our
[01:12:53] in many ways. My husband runs uh our investment side of our fund, our holding
[01:12:55] investment side of our fund, our holding company and our our venture capital
[01:12:57] company and our our venture capital fund. And our first hardest year
[01:12:59] fund. And our first hardest year together was our first year of marriage.
[01:13:01] together was our first year of marriage. We we were got married a little older
[01:13:03] We we were got married a little older and so I didn't really know how to
[01:13:04] and so I didn't really know how to compromise. He didn't either. It was
[01:13:05] compromise. He didn't either. It was really hard for us our first year. And I
[01:13:07] really hard for us our first year. And I hear that's a common thing. Our second
[01:13:09] hear that's a common thing. Our second hardest year was the first year that we
[01:13:11] hardest year was the first year that we got into business together. And I was
[01:13:12] got into business together. And I was like huge mistake. You know, where's the
[01:13:15] like huge mistake. You know, where's the like pull the chute? This is so hard.
[01:13:17] like pull the chute? This is so hard. Why? Cuz anytime you put two things
[01:13:19] Why? Cuz anytime you put two things closer together, what do they do?
[01:13:20] closer together, what do they do? Friction, baby. you know that it's just
[01:13:22] Friction, baby. you know that it's just natural. This is phys physics. And so I
[01:13:25] natural. This is phys physics. And so I don't know why I was surprised, but I
[01:13:26] don't know why I was surprised, but I was surprised. And then I realized after
[01:13:29] was surprised. And then I realized after we got through the first year, I was
[01:13:30] we got through the first year, I was like, how did I ever do it? Where I had
[01:13:33] like, how did I ever do it? Where I had a human who couldn't understand some of
[01:13:35] a human who couldn't understand some of the stuff I was going through at work.
[01:13:37] the stuff I was going through at work. He is such a crutch for me now and I am
[01:13:39] He is such a crutch for me now and I am for him. So now I'm kind of a proponent
[01:13:41] for him. So now I'm kind of a proponent of by personal bias. There's nothing
[01:13:44] of by personal bias. There's nothing better than having the ability to truly
[01:13:46] better than having the ability to truly understand what your spouse does for a
[01:13:47] understand what your spouse does for a living and intertwining it some way.
[01:13:49] living and intertwining it some way. What What do you think? We were together
[01:13:51] What What do you think? We were together for a long time before we launched a
[01:13:54] for a long time before we launched a business together. There's there's a
[01:13:56] business together. There's there's a couple things I have that I take. It's
[01:13:58] couple things I have that I take. It's almost like so I never wanted my wife to
[01:14:02] almost like so I never wanted my wife to support my work when my career was
[01:14:05] support my work when my career was taking off in the beginning. And my
[01:14:07] taking off in the beginning. And my reason for that was very clear. I knew a
[01:14:10] reason for that was very clear. I knew a lot of men who were extremely successful
[01:14:11] lot of men who were extremely successful in their 50s after three decades of
[01:14:14] in their 50s after three decades of success where their partners had become
[01:14:16] success where their partners had become basically their assistants. And at the
[01:14:19] basically their assistants. And at the age of 50, their partner had now felt
[01:14:22] age of 50, their partner had now felt that they didn't achieve their dreams
[01:14:24] that they didn't achieve their dreams because they felt they didn't achieve
[01:14:25] because they felt they didn't achieve their potential. And the guy had gone
[01:14:27] their potential. And the guy had gone off and ticked off every box on his
[01:14:29] off and ticked off every box on his checklist and felt like a champion. But
[01:14:31] checklist and felt like a champion. But now at 50, they're having this
[01:14:32] now at 50, they're having this realization. And because I saw so much
[01:14:34] realization. And because I saw so much of that and and my own work on purpose,
[01:14:37] of that and and my own work on purpose, I was really clear that everyone has
[01:14:40] I was really clear that everyone has their own purpose. Like everyone has
[01:14:42] their own purpose. Like everyone has their own offering that makes them feel
[01:14:44] their own offering that makes them feel significant. And no matter how much you
[01:14:47] significant. And no matter how much you love someone, no matter what anyone
[01:14:49] love someone, no matter what anyone says, you cannot say that your
[01:14:52] says, you cannot say that your significance is just tied to someone
[01:14:54] significance is just tied to someone else's significance. You have to have
[01:14:56] else's significance. You have to have something that feels like your own
[01:14:58] something that feels like your own thing, that feels meaningful to you.
[01:15:01] thing, that feels meaningful to you. That could be your child. It could be
[01:15:03] That could be your child. It could be your business. It could be coaching the
[01:15:05] your business. It could be coaching the college basketball team, right? This
[01:15:07] college basketball team, right? This isn't about building a business. And so
[01:15:09] isn't about building a business. And so all I would encourage Radi to do was to
[01:15:11] all I would encourage Radi to do was to find her thing. My favorite thing was
[01:15:13] find her thing. My favorite thing was setting her up on girl dates. I'd become
[01:15:14] setting her up on girl dates. I'd become friends with women, just introduce them
[01:15:16] friends with women, just introduce them to my wife. She'd be like, "What are you
[01:15:17] to my wife. She'd be like, "What are you doing, you weirdo?" But they're now her
[01:15:19] doing, you weirdo?" But they're now her best friend. So, I I guess I didn't.
[01:15:22] best friend. So, I I guess I didn't. Yeah, exactly. Uh, but my whole goal was
[01:15:24] Yeah, exactly. Uh, but my whole goal was just I don't want her to fall into the
[01:15:26] just I don't want her to fall into the trap of Jay's doing really cool stuff.
[01:15:28] trap of Jay's doing really cool stuff. I'm just going to help him
[01:15:30] I'm just going to help him >> and then feel like she didn't find
[01:15:32] >> and then feel like she didn't find herself.
[01:15:33] herself. >> And you see women do this more than men
[01:15:35] >> And you see women do this more than men doing this. Men generally are more
[01:15:37] doing this. Men generally are more independent. They they know their thing
[01:15:39] independent. They they know their thing or they don't want to be involved
[01:15:40] or they don't want to be involved anyway. and and she was so talented and
[01:15:42] anyway. and and she was so talented and skilled and amazing from the moment I
[01:15:45] skilled and amazing from the moment I met her that I was like I mean like Radi
[01:15:47] met her that I was like I mean like Radi would could have a TV show and it would
[01:15:49] would could have a TV show and it would crush like she's just the most
[01:15:50] crush like she's just the most >> kind of does
[01:15:51] >> kind of does >> magnetic electric Yeah. She's just so
[01:15:52] >> magnetic electric Yeah. She's just so lovable, right? So I was like she
[01:15:54] lovable, right? So I was like she deserves to have it all herself and she
[01:15:56] deserves to have it all herself and she found it as time went on. When we
[01:15:57] found it as time went on. When we founded Juny, we were both at such a
[01:16:00] founded Juny, we were both at such a strength in our knowledge of each
[01:16:02] strength in our knowledge of each other's strengths and weaknesses, but we
[01:16:04] other's strengths and weaknesses, but we don't take any meetings together.
[01:16:06] don't take any meetings together. >> So zero
[01:16:07] >> So zero >> zero. So, she does all the formulation
[01:16:09] >> zero. So, she does all the formulation meetings of the taste, the flavor
[01:16:12] meetings of the taste, the flavor profile, the mixtures, all of that. She
[01:16:15] profile, the mixtures, all of that. She does everything to do with the colors
[01:16:17] does everything to do with the colors and the packaging and everything else.
[01:16:19] and the packaging and everything else. And I'll do all the business and
[01:16:20] And I'll do all the business and marketing calls. So, we're never even on
[01:16:23] marketing calls. So, we're never even on the same calls. Fascinating.
[01:16:24] the same calls. Fascinating. >> And that works for us because it
[01:16:26] >> And that works for us because it actually splits up the work cuz I'm
[01:16:28] actually splits up the work cuz I'm like, "Oh, I trust you. You can nail
[01:16:29] like, "Oh, I trust you. You can nail like my palette is basic." And you know,
[01:16:32] like my palette is basic." And you know, it's like I knew nothing about yuzu
[01:16:34] it's like I knew nothing about yuzu pineapple when I met Radhi or you've got
[01:16:36] pineapple when I met Radhi or you've got the peach one over there. Like I had no
[01:16:38] the peach one over there. Like I had no clue. She really gets that and and I
[01:16:41] clue. She really gets that and and I really get my part and and that works
[01:16:43] really get my part and and that works well for us. But we founded this like 10
[01:16:45] well for us. But we founded this like 10 years into our relationship and so there
[01:16:47] years into our relationship and so there was such an understanding of each other
[01:16:49] was such an understanding of each other that it split it up nicely for us.
[01:16:50] that it split it up nicely for us. >> It's you know what it's a when you say
[01:16:52] >> It's you know what it's a when you say it out loud like that I'm like oh that's
[01:16:54] it out loud like that I'm like oh that's actually similar in a lot of ways cuz
[01:16:55] actually similar in a lot of ways cuz our reasons for friction in the
[01:16:56] our reasons for friction in the beginning were because we were two
[01:16:59] beginning were because we were two captains.
[01:16:59] captains. >> Yes. who captains don't work.
[01:17:02] >> Yes. who captains don't work. >> No.
[01:17:03] >> No. >> And so, you know, I was on there trying
[01:17:04] >> And so, you know, I was on there trying to and he was trying to and now he runs
[01:17:07] to and he was trying to and now he runs our investment business entirely and
[01:17:08] our investment business entirely and like, you know, shout out to him. He
[01:17:10] like, you know, shout out to him. He gets so embarrassed cuz I love bragging
[01:17:11] gets so embarrassed cuz I love bragging on him. But, you know, he has like one
[01:17:13] on him. But, you know, he has like one of the top performing funds for his
[01:17:16] of the top performing funds for his whole 2022 vintage. And people always
[01:17:18] whole 2022 vintage. And people always say congratulations and I'm always like
[01:17:20] say congratulations and I'm always like honestly I did so little for that. You
[01:17:23] honestly I did so little for that. You know, I'm I'm good at like top of
[01:17:25] know, I'm I'm good at like top of funnel, bring people in. And then he is
[01:17:27] funnel, bring people in. And then he is really good at execution and he's a
[01:17:29] really good at execution and he's a hunter. He chases things down. And so
[01:17:31] hunter. He chases things down. And so you're right now that we now I think
[01:17:33] you're right now that we now I think about it. I'm on two calls a week with
[01:17:35] about it. I'm on two calls a week with him, but he runs everything else.
[01:17:37] him, but he runs everything else. >> Yeah.
[01:17:38] >> Yeah. >> And does it much better. And actually
[01:17:40] >> And does it much better. And actually our only annoying spots are when I'm
[01:17:42] our only annoying spots are when I'm like weasling in on something that like
[01:17:46] like weasling in on something that like he's I got it. I got it. Like don't
[01:17:48] he's I got it. I got it. Like don't bother me over here. And so it's it's
[01:17:50] bother me over here. And so it's it's you know I'm the I'm the weasel in
[01:17:51] you know I'm the I'm the weasel in often.
[01:17:52] often. >> I'm that person too. Are you rather be
[01:17:55] >> I'm that person too. Are you rather be like, "Wait a minute. Where have you
[01:17:55] like, "Wait a minute. Where have you been for the seven months we've been
[01:17:57] been for the seven months we've been working on this and now you want to give
[01:17:59] working on this and now you want to give your opinions?"
[01:18:00] your opinions?" >> Yeah. Thank you. You're making me feel
[01:18:01] >> Yeah. Thank you. You're making me feel better.
[01:18:02] better. >> Yeah. I'm that guy, too. Like, where did
[01:18:04] >> Yeah. I'm that guy, too. Like, where did you turn up from? Like, I've been
[01:18:05] you turn up from? Like, I've been working so hard on this.
[01:18:06] working so hard on this. >> Yeah. He says he'll be like, "Here's the
[01:18:07] >> Yeah. He says he'll be like, "Here's the summary. I sent you four times and now
[01:18:09] summary. I sent you four times and now you want to talk about it." But, you
[01:18:11] you want to talk about it." But, you know, we are endearing sometimes, you
[01:18:13] know, we are endearing sometimes, you know.
[01:18:14] know. >> Sometimes. Yeah. Yeah. But that's what's
[01:18:16] >> Sometimes. Yeah. Yeah. But that's what's so important, right? It's trust to me. I
[01:18:19] so important, right? It's trust to me. I just don't want my private time with
[01:18:21] just don't want my private time with Radhi to become business time. And
[01:18:23] Radhi to become business time. And that's a personal choice. I don't look
[01:18:25] that's a personal choice. I don't look down on someone who does it. I don't
[01:18:27] down on someone who does it. I don't think it's
[01:18:27] think it's >> I don't think that's the best for for
[01:18:29] >> I don't think that's the best for for business or whatever, but it's the best
[01:18:31] business or whatever, but it's the best for me. I married Radi because I like
[01:18:32] for me. I married Radi because I like spending time with her. I I didn't marry
[01:18:34] spending time with her. I I didn't marry her so that we could talk about how to
[01:18:36] her so that we could talk about how to make more money together. Like that just
[01:18:37] make more money together. Like that just wasn't that's not why we're together.
[01:18:39] wasn't that's not why we're together. And that's not a bad thing or a good
[01:18:40] And that's not a bad thing or a good thing. It's just who we are. It works
[01:18:42] thing. It's just who we are. It works for us.
[01:18:42] for us. >> It's true. I actually haven't found a
[01:18:44] >> It's true. I actually haven't found a lot of people that are like that
[01:18:46] lot of people that are like that usually. And now I have a lot of
[01:18:47] usually. And now I have a lot of friends, probably just selection bias,
[01:18:49] friends, probably just selection bias, who both work together, but they're very
[01:18:51] who both work together, but they're very different, you know, and usually you
[01:18:52] different, you know, and usually you have one person who I kind of joke is
[01:18:54] have one person who I kind of joke is like more of the fun. They're the one
[01:18:56] like more of the fun. They're the one that's like, "Let's go do activities.
[01:18:57] that's like, "Let's go do activities. Let's do whatever." They're still
[01:18:58] Let's do whatever." They're still working a lot. And then you have sort of
[01:19:00] working a lot. And then you have sort of the the fun sponge, which is me, you
[01:19:02] the the fun sponge, which is me, you know, that's always working. And without
[01:19:04] know, that's always working. And without without my fun guy, uh I would just be
[01:19:06] without my fun guy, uh I would just be working all the time. And so it is this
[01:19:08] working all the time. And so it is this this balance. I mean, I've become
[01:19:10] this balance. I mean, I've become friends with Sean Rad, who's the founder
[01:19:11] friends with Sean Rad, who's the founder of Tinder. And what's so interesting,
[01:19:13] of Tinder. And what's so interesting, every time I talk to him, we're going to
[01:19:15] every time I talk to him, we're going to see him tomorrow night, is that he has
[01:19:18] see him tomorrow night, is that he has all this data on when relationships are
[01:19:20] all this data on when relationships are the most successful, he's like, "The
[01:19:22] the most successful, he's like, "The problem with a lot of these algorithms
[01:19:23] problem with a lot of these algorithms and how they do dating is that actually
[01:19:26] and how they do dating is that actually the things that we choose do not lead to
[01:19:28] the things that we choose do not lead to happiness."
[01:19:28] happiness." >> Oh, sure.
[01:19:29] >> Oh, sure. >> Such as similarity. Similarity actually
[01:19:31] >> Such as similarity. Similarity actually doesn't lead to us uh happy of
[01:19:33] doesn't lead to us uh happy of relationships according to Sean and his
[01:19:35] relationships according to Sean and his dad. And I that tracks for me.
[01:19:37] dad. And I that tracks for me. >> For us, too, you know,
[01:19:38] >> For us, too, you know, >> Radi's the playful and the serious.
[01:19:40] >> Radi's the playful and the serious. >> Yeah. And I've always said that that
[01:19:41] >> Yeah. And I've always said that that that playful and that performance
[01:19:44] that playful and that performance mindset work so well together because
[01:19:47] mindset work so well together because you're balancing each other out,
[01:19:48] you're balancing each other out, >> you know. Isn't that funny? And that's
[01:19:49] >> you know. Isn't that funny? And that's most things in life too. Like if you
[01:19:51] most things in life too. Like if you want to make a lot of money in business,
[01:19:53] want to make a lot of money in business, you also need somebody who they call
[01:19:55] you also need somebody who they call them the visionary, right? The person
[01:19:56] them the visionary, right? The person who has all the ideas, the crazy things,
[01:19:58] who has all the ideas, the crazy things, and then you have your executor, which
[01:20:00] and then you have your executor, which is often called your impletor. And so if
[01:20:03] is often called your impletor. And so if you only have vision, but you have no
[01:20:05] you only have vision, but you have no execution, you will fail and make no
[01:20:07] execution, you will fail and make no money. If you only have execution but
[01:20:09] money. If you only have execution but you have no vision, you will play small
[01:20:10] you have no vision, you will play small games for life. And so there's a there's
[01:20:12] games for life. And so there's a there's a great book actually called Have you
[01:20:14] a great book actually called Have you read How to How to Make a Few Billion
[01:20:16] read How to How to Make a Few Billion Dollars?
[01:20:17] Dollars? >> No.
[01:20:17] >> No. >> It's a good book. It's by this guy Brad
[01:20:18] >> It's a good book. It's by this guy Brad Jacobs. If you could get him on the
[01:20:20] Jacobs. If you could get him on the podcast, I will listen. I've been trying
[01:20:22] podcast, I will listen. I've been trying to. I don't know if he's your style, but
[01:20:24] to. I don't know if he's your style, but he's Well, actually, he might be. He was
[01:20:25] he's Well, actually, he might be. He was like he's a multi-billionaire hedge fund
[01:20:28] like he's a multi-billionaire hedge fund manager and and private equity investor.
[01:20:30] manager and and private equity investor. >> And he started off as a jazz musician,
[01:20:32] >> And he started off as a jazz musician, and that was going to be his calling. So
[01:20:34] and that was going to be his calling. So he really likes like dissonant noises
[01:20:36] he really likes like dissonant noises and like how do you pull things together
[01:20:38] and like how do you pull things together and sort of make them play like a jazz
[01:20:40] and sort of make them play like a jazz musician. Anyway, he's bought all of
[01:20:41] musician. Anyway, he's bought all of these companies. He's massively
[01:20:43] these companies. He's massively successful, but he always talks about
[01:20:44] successful, but he always talks about what makes a great deal. If you want to
[01:20:46] what makes a great deal. If you want to make a lot of money, you've got to pick
[01:20:48] make a lot of money, you've got to pick the right deal. And there are sort of
[01:20:49] the right deal. And there are sort of four types of deals. You could think
[01:20:50] four types of deals. You could think about it like a quadrant. You could have
[01:20:52] about it like a quadrant. You could have a low risk and you could also have a
[01:20:55] a low risk and you could also have a lowreward deal. That's actually most
[01:20:57] lowreward deal. That's actually most deals in life, right? That's like stay
[01:20:59] deals in life, right? That's like stay in your same job, don't take risks, etc.
[01:21:01] in your same job, don't take risks, etc. The problem is you're not going to make
[01:21:02] The problem is you're not going to make much money. Then you have a high-risk,
[01:21:06] much money. Then you have a high-risk, highreward deal. Well, that could be
[01:21:09] highreward deal. Well, that could be like investing in an El Salvadoranian
[01:21:11] like investing in an El Salvadoranian power plant. Okay, it's just so likely
[01:21:13] power plant. Okay, it's just so likely to fail that even though it's super high
[01:21:16] to fail that even though it's super high profit, we we probably want to stay away
[01:21:17] profit, we we probably want to stay away from those. And then you have sort of
[01:21:20] from those. And then you have sort of the the golden child, which is how can
[01:21:21] the the golden child, which is how can we have high reward, low risk? Well, not
[01:21:25] we have high reward, low risk? Well, not many of those exist, right? That would
[01:21:27] many of those exist, right? That would be a unicorn. So what we're really
[01:21:29] be a unicorn. So what we're really looking for is where is there a big
[01:21:31] looking for is where is there a big hairy problem that has the right amount
[01:21:33] hairy problem that has the right amount of risk and if we can find that then we
[01:21:35] of risk and if we can find that then we have profit and so now they call it hair
[01:21:39] have profit and so now they call it hair on a deal that's like you know investing
[01:21:41] on a deal that's like you know investing terms you want to look for those hairy
[01:21:43] terms you want to look for those hairy deals where you think oh that level of
[01:21:45] deals where you think oh that level of risk is manageable and in our culture
[01:21:47] risk is manageable and in our culture for some reason I think we've gone into
[01:21:48] for some reason I think we've gone into risk off
[01:21:50] risk off >> god we don't even want the risk of
[01:21:51] >> god we don't even want the risk of asking somebody a question at a bar you
[01:21:53] asking somebody a question at a bar you know more or less starting a a business
[01:21:56] know more or less starting a a business >> and that's a problem I mean The SBA has
[01:21:58] >> and that's a problem I mean The SBA has fascinating data. Do you know there are
[01:22:01] fascinating data. Do you know there are more small businesses that close each
[01:22:03] more small businesses that close each year than open in the US?
[01:22:05] year than open in the US? >> No way.
[01:22:06] >> No way. >> More closed than open. And so we have
[01:22:09] >> More closed than open. And so we have people taking way less risk than we
[01:22:11] people taking way less risk than we think. And that means you'll never make
[01:22:13] think. And that means you'll never make as much money.
[01:22:14] as much money. >> That crazy.
[01:22:15] >> That crazy. >> Yeah. Let's talk about that in terms of
[01:22:17] >> Yeah. Let's talk about that in terms of investing. If someone's thinking that
[01:22:20] investing. If someone's thinking that because it exactly what you're talking
[01:22:21] because it exactly what you're talking about right now, this riskreward
[01:22:23] about right now, this riskreward profile. If someone has never invested
[01:22:26] profile. If someone has never invested in anything,
[01:22:28] in anything, >> they're working their job, they've got a
[01:22:31] >> they're working their job, they've got a little bit of money, maybe if they've
[01:22:32] little bit of money, maybe if they've got $1,000 to start thinking about
[01:22:34] got $1,000 to start thinking about investing, maybe they've got a bit more.
[01:22:37] investing, maybe they've got a bit more. Maybe they've been saving up and they're
[01:22:38] Maybe they've been saving up and they're thinking that home that they want to buy
[01:22:40] thinking that home that they want to buy is a long long long long way away, but
[01:22:43] is a long long long long way away, but they got a little bit. Where should they
[01:22:45] they got a little bit. Where should they invest?
[01:22:46] invest? >> If you have only a little bit of cash,
[01:22:48] >> If you have only a little bit of cash, the best returning asset class of all
[01:22:50] the best returning asset class of all time is going to be you. Put the money
[01:22:52] time is going to be you. Put the money into you. learning first before you go
[01:22:55] into you. learning first before you go to invest. A lot of days, a lot of
[01:22:57] to invest. A lot of days, a lot of people these days will say, "Hey, it's
[01:22:59] people these days will say, "Hey, it's Airbnb. Hey, it's buying small
[01:23:01] Airbnb. Hey, it's buying small businesses. Hey, it's real estate." The
[01:23:02] businesses. Hey, it's real estate." The highest performing asset class that you
[01:23:04] highest performing asset class that you could ever have is you because you have
[01:23:05] could ever have is you because you have unlimited upside and it compounds over
[01:23:08] unlimited upside and it compounds over time. And so, if you don't have a lot of
[01:23:10] time. And so, if you don't have a lot of cash right now, bet on you first before
[01:23:12] cash right now, bet on you first before you go bet on somebody in the S&P. Now,
[01:23:15] you go bet on somebody in the S&P. Now, after that next amount, I believe, cuz
[01:23:17] after that next amount, I believe, cuz I'm old school, I started at Vanguard. I
[01:23:19] I'm old school, I started at Vanguard. I believe, if you're reasonable, you'll
[01:23:21] believe, if you're reasonable, you'll probably agree with me. Like, do we
[01:23:23] probably agree with me. Like, do we think that we're going to beat the best
[01:23:24] think that we're going to beat the best stock pickers in the world who obsess on
[01:23:26] stock pickers in the world who obsess on this every single day? Are we gonna beat
[01:23:28] this every single day? Are we gonna beat the titans of industry with their
[01:23:30] the titans of industry with their technology? No. So, that's why I always
[01:23:32] technology? No. So, that's why I always go for lowcost, low movement, so they
[01:23:35] go for lowcost, low movement, so they don't trade a lot index funds. I worked
[01:23:38] don't trade a lot index funds. I worked at Vanguard. They have the best cost
[01:23:39] at Vanguard. They have the best cost structure. So, I throw things in the S&P
[01:23:42] structure. So, I throw things in the S&P 500 in a diversified portfolio at a
[01:23:44] 500 in a diversified portfolio at a >> How does someone do that? Someone who's
[01:23:45] >> How does someone do that? Someone who's totally new to this.
[01:23:46] totally new to this. >> You go to vanguard.com. You have no fees
[01:23:49] >> You go to vanguard.com. You have no fees on their trading platform. In my
[01:23:51] on their trading platform. In my opinion, avoid Robin Hood. Avoid
[01:23:54] opinion, avoid Robin Hood. Avoid anything where you're buying individual
[01:23:55] anything where you're buying individual stocks when you don't know, unless
[01:23:57] stocks when you don't know, unless you're doing it purely for learning and
[01:23:59] you're doing it purely for learning and you're okay with losing everything. And
[01:24:01] you're okay with losing everything. And you go to to vanguard.com and you select
[01:24:04] you go to to vanguard.com and you select a uh diversified portfolio. It's cool,
[01:24:06] a uh diversified portfolio. It's cool, too, because they'll actually help you
[01:24:08] too, because they'll actually help you do it based on your age and based on how
[01:24:11] do it based on your age and based on how much risk you want to take. So, they'll
[01:24:12] much risk you want to take. So, they'll have a 60/40 portfolio, which is like
[01:24:14] have a 60/40 portfolio, which is like 60% stocks and 40% bonds. If you're our
[01:24:17] 60% stocks and 40% bonds. If you're our age, for instance, if somebody's a
[01:24:19] age, for instance, if somebody's a little younger, they'll go 8020 because
[01:24:21] little younger, they'll go 8020 because you should take more risk with stocks
[01:24:22] you should take more risk with stocks when you're young. So, you can literally
[01:24:24] when you're young. So, you can literally in one click get a diversified portfolio
[01:24:26] in one click get a diversified portfolio and then you can add to it. You could
[01:24:28] and then you can add to it. You could also use like a Wealthfront for that.
[01:24:29] also use like a Wealthfront for that. >> What's a diversified portfolio for
[01:24:31] >> What's a diversified portfolio for someone who doesn't know?
[01:24:32] someone who doesn't know? >> That means that you you never want to
[01:24:33] >> That means that you you never want to have all your eggs in one basket in
[01:24:35] have all your eggs in one basket in anything in life, but certainly in
[01:24:36] anything in life, but certainly in investing. And so, that means that
[01:24:38] investing. And so, that means that they're going to give you stocks and
[01:24:39] they're going to give you stocks and bonds. It means they're going to give
[01:24:41] bonds. It means they're going to give you emerging markets versus the US. So
[01:24:43] you emerging markets versus the US. So let's say India, China, Russia, Brazil
[01:24:46] let's say India, China, Russia, Brazil and the US stock market. And it means
[01:24:49] and the US stock market. And it means that typically over time, you know that
[01:24:51] that typically over time, you know that there's these charts you can see in
[01:24:52] there's these charts you can see in finance where it kind of looks like
[01:24:55] finance where it kind of looks like looks like a grid and on it are all of
[01:24:57] looks like a grid and on it are all of these different colors. And what do all
[01:24:58] these different colors. And what do all the covers represent that have no
[01:25:00] the covers represent that have no pattern to it? Every single year looks
[01:25:02] pattern to it? Every single year looks different. They represent every asset
[01:25:04] different. They represent every asset class you could invest in from bonds to
[01:25:06] class you could invest in from bonds to stocks to Chilean stocks to shortterm
[01:25:10] stocks to Chilean stocks to shortterm money markets. And what you see over
[01:25:12] money markets. And what you see over time is in every single market,
[01:25:14] time is in every single market, everything moves. And so what you want
[01:25:16] everything moves. And so what you want to have is a portfolio that over time
[01:25:18] to have is a portfolio that over time averages somewhere around 10%. That's
[01:25:20] averages somewhere around 10%. That's the average cost of inflation. How your
[01:25:22] the average cost of inflation. How your money really, if you don't invest it,
[01:25:24] money really, if you don't invest it, every single year that you don't invest,
[01:25:26] every single year that you don't invest, you lose money. Say you took a a $100
[01:25:29] you lose money. Say you took a a $100 bill right here and I had it right in
[01:25:30] bill right here and I had it right in front of me. And I looked at that bill
[01:25:32] front of me. And I looked at that bill since the beginning of the Federal
[01:25:33] since the beginning of the Federal Reserve, which is the government
[01:25:35] Reserve, which is the government institute that mandates or manages all
[01:25:37] institute that mandates or manages all of our currency in the US. So, if I go
[01:25:39] of our currency in the US. So, if I go all the way back to the 70s and I look
[01:25:42] all the way back to the 70s and I look at it today, what do I see? I see that
[01:25:44] at it today, what do I see? I see that that $100 bill, if I just held it from
[01:25:46] that $100 bill, if I just held it from then to now, is worth about 25 bucks.
[01:25:49] then to now, is worth about 25 bucks. It's not worth a hundred anymore. Why?
[01:25:51] It's not worth a hundred anymore. Why? Because of inflation. And so, if we
[01:25:54] Because of inflation. And so, if we don't invest our money and we stick it
[01:25:55] don't invest our money and we stick it under our mattress, then sadly the
[01:25:57] under our mattress, then sadly the government eats away at it every single
[01:25:59] government eats away at it every single year. Both sides politically agnostic.
[01:26:01] year. Both sides politically agnostic. And so, we got to make sure that we put
[01:26:03] And so, we got to make sure that we put our money somewhere. That's why stock
[01:26:05] our money somewhere. That's why stock market over time is usually what most
[01:26:07] market over time is usually what most people do.
[01:26:07] people do. >> Okay? It makes a lot of sense. And
[01:26:09] >> Okay? It makes a lot of sense. And what's the difference between a stock
[01:26:10] what's the difference between a stock and a bond?
[01:26:11] and a bond? >> Okay, so stocks and bonds 101. I think
[01:26:13] >> Okay, so stocks and bonds 101. I think about stocks like a ability for you to
[01:26:16] about stocks like a ability for you to have future upside of a company. So you
[01:26:19] have future upside of a company. So you are betting in a way on a company.
[01:26:21] are betting in a way on a company. You're saying today the price of Amazon
[01:26:23] You're saying today the price of Amazon is $10. I think in the future the price
[01:26:26] is $10. I think in the future the price of Amazon will be $15. I want to go for
[01:26:28] of Amazon will be $15. I want to go for that ride. It's called upside return.
[01:26:31] that ride. It's called upside return. With a bond, what are you doing instead?
[01:26:33] With a bond, what are you doing instead? You're saying, I actually want income.
[01:26:35] You're saying, I actually want income. It's like a certificate. If I give you a
[01:26:37] It's like a certificate. If I give you a hundred bucks, I promise you over the
[01:26:40] hundred bucks, I promise you over the next 5 years, I'm going to give you 120
[01:26:42] next 5 years, I'm going to give you 120 back. You're not going to make more if
[01:26:44] back. You're not going to make more if the bond that you invest in goes up or
[01:26:46] the bond that you invest in goes up or down in price. You're just going to clip
[01:26:49] down in price. You're just going to clip coupons is what they're called. It it
[01:26:51] coupons is what they're called. It it used to be like that. So, um you you're
[01:26:53] used to be like that. So, um you you're clipping the coupon. And the reason we
[01:26:55] clipping the coupon. And the reason we want both of those is because again, you
[01:26:57] want both of those is because again, you want when the stock market crashes, you
[01:27:00] want when the stock market crashes, you want your bond to still be clipping
[01:27:01] want your bond to still be clipping those coupons, baby. Still coming in.
[01:27:03] those coupons, baby. Still coming in. When the stock market's raging, you want
[01:27:06] When the stock market's raging, you want to capture some of that upside. And
[01:27:07] to capture some of that upside. And that's how we play right there in the
[01:27:09] that's how we play right there in the middle of investing.
[01:27:10] middle of investing. >> Is there a stage three? So, we did stage
[01:27:12] >> Is there a stage three? So, we did stage one is you, stage two is S&P. What's a
[01:27:15] one is you, stage two is S&P. What's a stage three?
[01:27:16] stage three? >> Stage three is private. So, if you're a
[01:27:19] >> Stage three is private. So, if you're a real pro and you want to go for 303 of
[01:27:21] real pro and you want to go for 303 of investing, that's where we start to do
[01:27:23] investing, that's where we start to do private equity. That that's just
[01:27:25] private equity. That that's just investing in those same companies, but
[01:27:27] investing in those same companies, but instead of them being traded publicly,
[01:27:29] instead of them being traded publicly, those companies are now held by private
[01:27:31] those companies are now held by private investors. they'll never trade on a
[01:27:32] investors. they'll never trade on a stock exchange. That also includes
[01:27:34] stock exchange. That also includes things like you can have alternative
[01:27:36] things like you can have alternative investments. That might mean investing
[01:27:38] investments. That might mean investing in direct and real estate or investing
[01:27:40] in direct and real estate or investing in commodities, which would be like
[01:27:42] in commodities, which would be like timber, right? You could bet on timber
[01:27:44] timber, right? You could bet on timber prices. That might be like equity and
[01:27:46] prices. That might be like equity and options. I think this generation got a
[01:27:49] options. I think this generation got a little crazy because they were the first
[01:27:51] little crazy because they were the first generation to gamify stock market
[01:27:54] generation to gamify stock market investing and make it seem fun as
[01:27:56] investing and make it seem fun as opposed to serious. and they were the
[01:27:58] opposed to serious. and they were the first generation that got easy access to
[01:28:01] first generation that got easy access to things like options and warrants. And
[01:28:04] things like options and warrants. And that's really actually only for pros. So
[01:28:06] that's really actually only for pros. So I think anybody who's trying to tell you
[01:28:08] I think anybody who's trying to tell you how to day trade, anybody who's trying
[01:28:09] how to day trade, anybody who's trying to tell you how to do options, that
[01:28:11] to tell you how to do options, that strategy, think about that like somebody
[01:28:14] strategy, think about that like somebody trying to tell you, let me teach you
[01:28:15] trying to tell you, let me teach you over the course of a couple hours of me
[01:28:17] over the course of a couple hours of me speaking to you how to cut open
[01:28:19] speaking to you how to cut open somebody's brain.
[01:28:20] somebody's brain. >> We just wouldn't do that. This is for
[01:28:22] >> We just wouldn't do that. This is for pros. And if you really want to make
[01:28:24] pros. And if you really want to make real money, you don't do it by messing
[01:28:26] real money, you don't do it by messing around at the margins of financial
[01:28:28] around at the margins of financial investing in my mind. You do it by
[01:28:30] investing in my mind. You do it by becoming the company that they invest
[01:28:31] becoming the company that they invest in, which is stage four. So that's when
[01:28:33] in, which is stage four. So that's when you're like, I buy the business
[01:28:35] you're like, I buy the business outright. I raise money for my own
[01:28:37] outright. I raise money for my own business. And that's the next level of
[01:28:39] business. And that's the next level of the game.
[01:28:39] the game. >> That's so great. I love that step by
[01:28:42] >> That's so great. I love that step by step because I feel for so many people
[01:28:44] step because I feel for so many people it just feels like this unorganized,
[01:28:47] it just feels like this unorganized, messy, wild, wild west. And now it's
[01:28:49] messy, wild, wild west. And now it's like, wait a minute, stage one, stage
[01:28:51] like, wait a minute, stage one, stage two, stage three, stage four. I love
[01:28:52] two, stage three, stage four. I love those. Going back to stage two of the
[01:28:54] those. Going back to stage two of the S&P,
[01:28:56] S&P, >> what percentage of someone's income
[01:28:58] >> what percentage of someone's income should they be looking
[01:28:59] should they be looking >> to put into the S&P?
[01:29:01] >> to put into the S&P? >> There's lots of rules around this, but I
[01:29:03] >> There's lots of rules around this, but I believe in you pay yourself first. And
[01:29:05] believe in you pay yourself first. And by you pay yourself first, what I mean
[01:29:07] by you pay yourself first, what I mean is you think about your investments just
[01:29:10] is you think about your investments just like you would a need, not a want. So,
[01:29:13] like you would a need, not a want. So, every single month, I believe in
[01:29:14] every single month, I believe in automatic investing. I've done it my
[01:29:16] automatic investing. I've done it my entire career. Vanguard taught me that.
[01:29:17] entire career. Vanguard taught me that. You get really lucky in finance. They
[01:29:19] You get really lucky in finance. They teach you how to invest so that it
[01:29:21] teach you how to invest so that it becomes a habit, not a possibility. You
[01:29:23] becomes a habit, not a possibility. You don't wake up unless you're gross and
[01:29:25] don't wake up unless you're gross and not brush your teeth, right? You just
[01:29:27] not brush your teeth, right? You just brush your teeth because you're not
[01:29:28] brush your teeth because you're not gross. And so for investing, I think
[01:29:30] gross. And so for investing, I think about it the same way. It's like you
[01:29:31] about it the same way. It's like you automatically set up your payments so a
[01:29:33] automatically set up your payments so a little bit goes every time. I believe
[01:29:36] little bit goes every time. I believe you want to have at least 10% of the
[01:29:38] you want to have at least 10% of the money that you make go into investing.
[01:29:39] money that you make go into investing. There's lots of different rules. People
[01:29:41] There's lots of different rules. People could play it either way, but I think
[01:29:42] could play it either way, but I think pay yourself first because otherwise
[01:29:44] pay yourself first because otherwise you'll never pay yourself at all. and
[01:29:46] you'll never pay yourself at all. and give yourself at least 10% because we
[01:29:48] give yourself at least 10% because we want to beat inflation every single
[01:29:49] want to beat inflation every single year. And if you do those two things,
[01:29:51] year. And if you do those two things, you are better than about 90% of people
[01:29:53] you are better than about 90% of people that don't do that.
[01:29:54] that don't do that. >> 10% after tax. That's just such a great
[01:29:57] >> 10% after tax. That's just such a great goal for people. And you start thinking
[01:29:58] goal for people. And you start thinking about it and you go, "Oh, what am I
[01:30:00] about it and you go, "Oh, what am I spending dumb money on?" You know, like
[01:30:03] spending dumb money on?" You know, like what what do you see people wasting
[01:30:04] what what do you see people wasting money on?
[01:30:05] money on? >> You know what the biggest thing is?
[01:30:06] >> You know what the biggest thing is? People waste money on looking rich
[01:30:08] People waste money on looking rich instead of being rich. And that is a
[01:30:10] instead of being rich. And that is a cultural phenomenon that I think is
[01:30:13] cultural phenomenon that I think is eroding our wealth as society. I mean,
[01:30:15] eroding our wealth as society. I mean, perfect example here, Coachella. We know
[01:30:19] perfect example here, Coachella. We know because we're on the inside that the
[01:30:20] because we're on the inside that the dirty secret of Coachella and everybody
[01:30:22] dirty secret of Coachella and everybody that you see on there is that most
[01:30:23] that you see on there is that most influencers are one, paid to go, two,
[01:30:26] influencers are one, paid to go, two, given free tickets, three flown out for
[01:30:28] given free tickets, three flown out for free, four, they actually have
[01:30:29] free, four, they actually have warehouses where you can pick out the
[01:30:31] warehouses where you can pick out the clothes cuz that part's expensive and
[01:30:33] clothes cuz that part's expensive and you get the clothes for free or if
[01:30:34] you get the clothes for free or if you're a real pro, they'll pay you to
[01:30:36] you're a real pro, they'll pay you to wear the clothes and give you the
[01:30:37] wear the clothes and give you the clothes for free. And so this entire
[01:30:39] clothes for free. And so this entire experience for the few who become
[01:30:42] experience for the few who become because we're all we just desire what
[01:30:44] because we're all we just desire what other people have. That's how humans
[01:30:45] other people have. That's how humans are. They're not paying anything for a
[01:30:47] are. They're not paying anything for a thing that costs thousands and thousands
[01:30:49] thing that costs thousands and thousands and thousands of thousands of dollars.
[01:30:50] and thousands of thousands of dollars. Well, the problem is is that the average
[01:30:52] Well, the problem is is that the average Coachella main ticket holder about 64%
[01:30:55] Coachella main ticket holder about 64% of them couldn't afford their ticket. So
[01:30:57] of them couldn't afford their ticket. So they had to do buy now pay later
[01:30:59] they had to do buy now pay later options.
[01:31:00] options. >> Really?
[01:31:00] >> Really? >> This year they offered buy now pay
[01:31:02] >> This year they offered buy now pay later. And that is just for the ticket.
[01:31:05] later. And that is just for the ticket. That's not for the clothes and that's
[01:31:06] That's not for the clothes and that's not for the food and that's not for the
[01:31:08] not for the food and that's not for the drinks. And so we are basically having
[01:31:12] drinks. And so we are basically having credit card debt which which lasts
[01:31:13] credit card debt which which lasts forever as a trade for Instagram posts
[01:31:16] forever as a trade for Instagram posts which last for a minute. And so the
[01:31:19] which last for a minute. And so the number one thing that you can do to
[01:31:20] number one thing that you can do to change your financial future is to not
[01:31:22] change your financial future is to not buy into what you see on the internet
[01:31:24] buy into what you see on the internet everybody else doing. Which is why I
[01:31:26] everybody else doing. Which is why I really respect what you do and I try to
[01:31:28] really respect what you do and I try to do it online too. Sure we have nice
[01:31:30] do it online too. Sure we have nice things now. Sometimes you'll catch it in
[01:31:32] things now. Sometimes you'll catch it in places cuz I won't really tell. But you
[01:31:33] places cuz I won't really tell. But you don't see me flashing nice watches. You
[01:31:36] don't see me flashing nice watches. You don't see me having nice cars. You don't
[01:31:38] don't see me having nice cars. You don't see me posting about private planes.
[01:31:40] see me posting about private planes. Why? That's not really necessary. And
[01:31:42] Why? That's not really necessary. And all you are signaling is that that is
[01:31:44] all you are signaling is that that is what success is. That is not what
[01:31:46] what success is. That is not what success is. Those are just accutra that
[01:31:48] success is. Those are just accutra that could be fun if you're into it once
[01:31:50] could be fun if you're into it once you're rich.
[01:31:51] you're rich. >> Yeah.
[01:31:51] >> Yeah. >> But uh I promise you I've met so many
[01:31:54] >> But uh I promise you I've met so many unhappy motherers who have private jets.
[01:31:56] unhappy motherers who have private jets. >> Yeah. No, and I really appreciate that
[01:31:58] >> Yeah. No, and I really appreciate that you saying that because I think for me
[01:31:59] you saying that because I think for me it was the same I didn't I never wanted
[01:32:01] it was the same I didn't I never wanted I mean when I started I didn't have
[01:32:02] I mean when I started I didn't have anything to show but I didn't want
[01:32:04] anything to show but I didn't want someone to follow me for what I had. I
[01:32:07] someone to follow me for what I had. I wanted them to follow me for what I was
[01:32:08] wanted them to follow me for what I was saying and doing and living and that to
[01:32:11] saying and doing and living and that to me always felt like that means anyone
[01:32:14] me always felt like that means anyone could do it. And as soon as it became
[01:32:16] could do it. And as soon as it became and also it was never about getting the
[01:32:17] and also it was never about getting the thing even for me. So if you make it
[01:32:20] thing even for me. So if you make it about getting the thing then the thing
[01:32:21] about getting the thing then the thing you do to get it you don't love. Whereas
[01:32:24] you do to get it you don't love. Whereas my thing is I love the game. I love what
[01:32:25] my thing is I love the game. I love what I'm doing. And same as you. And it goes
[01:32:27] I'm doing. And same as you. And it goes back to where we started where it's like
[01:32:29] back to where we started where it's like if you love the game, if you respect the
[01:32:30] if you love the game, if you respect the rules, if you love what you do, then all
[01:32:33] rules, if you love what you do, then all of these things are a byproduct. They're
[01:32:34] of these things are a byproduct. They're wonderful, but they're never the goal.
[01:32:36] wonderful, but they're never the goal. They're never the destination. They're
[01:32:38] They're never the destination. They're never the thing that you wanted. That's
[01:32:40] never the thing that you wanted. That's not what drove you there.
[01:32:41] not what drove you there. >> It's it's so true. And they'll they'll
[01:32:43] >> It's it's so true. And they'll they'll all be taken from you at very points,
[01:32:45] all be taken from you at very points, you know. And so I think about it a
[01:32:47] you know. And so I think about it a little bit like beauty, you I'm I'm
[01:32:49] little bit like beauty, you I'm I'm getting older and I've tried to on the
[01:32:51] getting older and I've tried to on the internet never make it about how I look
[01:32:53] internet never make it about how I look one way or the other. If I'm fit or not,
[01:32:55] one way or the other. If I'm fit or not, if I'm in sexy outfits or not. Why?
[01:32:58] if I'm in sexy outfits or not. Why? Because I'm going to get old. I know
[01:32:59] Because I'm going to get old. I know what the future looks like and it's old
[01:33:00] what the future looks like and it's old and wrinkly and saggy tits and all the
[01:33:02] and wrinkly and saggy tits and all the things, right? And that's cool. It
[01:33:04] things, right? And that's cool. It doesn't matter. And so, if I can like
[01:33:06] doesn't matter. And so, if I can like prepare now that maybe people listen cuz
[01:33:08] prepare now that maybe people listen cuz I might have something valuable to say,
[01:33:10] I might have something valuable to say, then I'll still have something valuable
[01:33:11] then I'll still have something valuable to say when I'm 80 as long as I'm still
[01:33:12] to say when I'm 80 as long as I'm still with it. And I think it's the same with
[01:33:14] with it. And I think it's the same with stuff. You know, somebody could take
[01:33:16] stuff. You know, somebody could take that from you, but they cannot take
[01:33:18] that from you, but they cannot take ever. Nobody but God can take all the
[01:33:21] ever. Nobody but God can take all the lessons that you've learned while
[01:33:22] lessons that you've learned while running this business. Nobody but God
[01:33:24] running this business. Nobody but God could take the relationships that you've
[01:33:26] could take the relationships that you've built from this business. But many
[01:33:29] built from this business. But many things, including the market, could take
[01:33:31] things, including the market, could take everything that sits around us. And so,
[01:33:33] everything that sits around us. And so, I try to remember that so that I never
[01:33:35] I try to remember that so that I never anchor to it. And don't get me wrong,
[01:33:36] anchor to it. And don't get me wrong, I'm not like I am not an actual monk. I
[01:33:38] I'm not like I am not an actual monk. I am very flawed. Neither am I. And so,
[01:33:40] am very flawed. Neither am I. And so, you know, I I wish that I was better at
[01:33:42] you know, I I wish that I was better at some of this, but it is like the habits
[01:33:45] some of this, but it is like the habits of millionaires are that they actually
[01:33:46] of millionaires are that they actually by and large they don't care about
[01:33:48] by and large they don't care about money.
[01:33:49] money. >> They care about winning and they care
[01:33:51] >> They care about winning and they care about learning. And real players find
[01:33:54] about learning. And real players find things and money to be uninteresting at
[01:33:57] things and money to be uninteresting at some point.
[01:33:58] some point. >> Cody Sanchez,
[01:33:59] >> Cody Sanchez, you're amazing.
[01:34:00] you're amazing. >> This was so great.
[01:34:01] >> This was so great. >> I love hanging with you because it's
[01:34:03] >> I love hanging with you because it's just it's refreshing. We talked about
[01:34:04] just it's refreshing. We talked about everything from dating to investing to
[01:34:07] everything from dating to investing to making money to being a good employee.
[01:34:09] making money to being a good employee. And I love that you're so flexible to go
[01:34:11] And I love that you're so flexible to go anywhere and everywhere because I feel
[01:34:13] anywhere and everywhere because I feel people are going to get so much out of
[01:34:15] people are going to get so much out of this episode. I hope so. And I'm just so
[01:34:17] this episode. I hope so. And I'm just so grateful that you're showing up as you
[01:34:19] grateful that you're showing up as you are always uh despite everything else
[01:34:22] are always uh despite everything else crazy life that you have going on as
[01:34:24] crazy life that you have going on as well. You're able to come here and drop
[01:34:26] well. You're able to come here and drop wisdom gems with ease. Uh thank you for
[01:34:29] wisdom gems with ease. Uh thank you for the priceless advice.
[01:34:30] the priceless advice. >> It was amazing value. everyone who's
[01:34:33] >> It was amazing value. everyone who's listening and watching, make sure you
[01:34:34] listening and watching, make sure you tag me and Cody on Instagram, on Tik
[01:34:36] tag me and Cody on Instagram, on Tik Tok. Let us know what you're testing.
[01:34:39] Tok. Let us know what you're testing. Let us know what resonated with you. Let
[01:34:41] Let us know what resonated with you. Let us know what connected with you. Because
[01:34:42] us know what connected with you. Because there were so many moments that I was
[01:34:44] there were so many moments that I was sitting there going, "This is great.
[01:34:46] sitting there going, "This is great. This is great. I hope someone does this.
[01:34:48] This is great. I hope someone does this. I want to see what stuck with you." And
[01:34:50] I want to see what stuck with you." And of course, if you don't already, go and
[01:34:52] of course, if you don't already, go and grab a copy of Main Street Millionaire.
[01:34:55] grab a copy of Main Street Millionaire. Subscribe to Cody's podcast. Follow her
[01:34:56] Subscribe to Cody's podcast. Follow her across social media. Uh don't miss out
[01:34:59] across social media. Uh don't miss out on the amazing wisdom that she has to
[01:35:00] on the amazing wisdom that she has to share. and we'll see you again soon.
[01:35:02] share. and we'll see you again soon. Thank you so much for listening to this
[01:35:04] Thank you so much for listening to this conversation. If you enjoyed it, you'll
[01:35:07] conversation. If you enjoyed it, you'll love my chat with Adam Grant on why
[01:35:10] love my chat with Adam Grant on why discomfort is the key to growth and the
[01:35:12] discomfort is the key to growth and the strategies for unlocking your hidden
[01:35:15] strategies for unlocking your hidden potential. If you know you want to be
[01:35:17] potential. If you know you want to be more and achieve more this year, go
[01:35:19] more and achieve more this year, go check it out right now. You set a goal
[01:35:21] check it out right now. You set a goal today, you achieve it in 6 months, and
[01:35:24] today, you achieve it in 6 months, and then by the time it happens, it's almost
[01:35:26] then by the time it happens, it's almost a relief. There's no sense of meaning
[01:35:28] a relief. There's no sense of meaning and purpose. You sort of expected it and
[01:35:30] and purpose. You sort of expected it and you would have been disappointed if it
[01:35:31] you would have been disappointed if it didn't

https://www.youtube.com/watch?v=tE6CwaBxuN4

Summary

TL;DR — Understanding money is crucial for wealth creation, akin to learning a new language. Despite current economic challenges, opportunities exist for those who can navigate markets strategically, particularly by leveraging credit and understanding debt. Financial literacy, starting with basic concepts like credit vs. debit cards, is the foundation for making more money and building wealth.

Key points

• Financial literacy is essential for increasing income, as understanding money is like speaking its language.

• Current economic conditions, while challenging, present opportunities for savvy investors, echoing Warren Buffett's advice to be fearful when others are greedy and greedy when others are fearful.

• Owning a home may not be a financially sound decision for everyone currently due to high interest rates and property values, making renting a potentially smarter choice.

• Credit cards are generally superior to debit cards for building credit, offering better protection and rewards, provided they are used responsibly.

• Financial success is not solely about hard work but also about understanding leverage, smart decision-making, and strategic knowledge acquisition.

• Building wealth involves a progression from understanding credit and resources to accumulating knowledge, wealth, and ultimately, the ability to invest wisely.

Takeaway — True financial growth stems from understanding the language of money, embracing strategic opportunities during market downturns, and prioritizing knowledge over impulsive financial decisions.